Current:Home > NewsReport: Tiger Woods, Rory McIlroy will get huge loyalty bonuses from PGA Tour -Nova Finance Academy
Report: Tiger Woods, Rory McIlroy will get huge loyalty bonuses from PGA Tour
View
Date:2025-04-17 05:28:22
Tiger Woods and Rory McIlroy are among the golfers expected to be given equity in PGA Tour Enterprises as a thank you for sticking with the Tour instead of jumping to rival LIV Golf, the Telegraph reported on Wednesday.
Woods will receive a $100 million and McIlroy a $50 million stake in the newly-formed enterprise for not taking lucrative offers from the Saudi-backed LIV as merger negotiations between the two circuits continue to drag on.
A substantial portion of current PGA Tour members will be rewarded with equity in the new for-profit entity, according to a memo sent out in February by commissioner Jay Monahan and seen by Reuters.
PGA Tour Enterprises is majority owned by the Tour and bolstered by a $1.5 billion investment by Strategic Sports Group, a consortium of sports team owners, the memo said.
The program will reward top performing members and legends who helped build the modern PGA Tour, the memo said.
The initial round of player equity grants will total $930 million and will be awarded to 193 PGA Tour members, with the majority of that going to the top 36 players as determined by a performance-based formula, the memo said.
All initial grants will require players to compete in 15 or more events on the PGA Tour and/or complete service requirements commensurate with the value of the grant.
A spokespersonfor the PGA Tour said the Tour could not comment on any detail of the Telegraph report due to U.S. Securities and Exchange Commission regulations and private financial information.
veryGood! (5)
Related
- 'Survivor' 47 finale, part one recap: 2 players were sent home. Who's left in the game?
- Nordstrom Rack's Epic Clear the Rack Sale Is Here With $13 Dresses, $15 Jackets & More 80% Off Deals
- How Halle Bailey Came Into Her Own While Making The Little Mermaid
- 2 Palestinians killed in West Bank raid; Israel and Palestinian militants trade fire in Gaza
- 'Kraven the Hunter' spoilers! Let's dig into that twisty ending, supervillain reveal
- He logged trending Twitter topics for a year. Here's what he learned
- Delilah Belle Hamlin Wants Jason Momoa to Slide Into Her DMs
- EVs are expensive. These city commuters ditched cars altogether — for e-bikes
- Who's hosting 'Saturday Night Live' tonight? Musical guest, how to watch Dec. 14 episode
- Pope Francis calls on Italy to boost birth rates as Europe weathers a demographic winter
Ranking
- Juan Soto praise of Mets' future a tough sight for Yankees, but World Series goal remains
- 'Company of Heroes 3' deserves a spot in any war game fan's library
- Derek Jeter Shares Rare Look Inside His All-Star Life as a Girl Dad
- RuPaul's Drag Race Top 5 Give Shady Superlatives in Spill the T Mini-Challenge Sneak Peek
- Opinion: Gianni Infantino, FIFA sell souls and 2034 World Cup for Saudi Arabia's billions
- Trump's online supporters remain muted after his indictment
- This Navy vet helped discover a new, super-heavy element
- Vanderpump Rules’ Lala Kent Has a Message for Raquel Leviss Before the Season 10 Reunion
Recommendation
Rylee Arnold Shares a Long
Musk's Twitter has dissolved its Trust and Safety Council
Ukraine's counteroffensive against Russia can't come soon enough for civilians dodging Putin's bombs
In 'Season: A letter to the future,' scrapbooking is your doomsday prep
2 killed, 3 injured in shooting at makeshift club in Houston
TikTok's Taylor Frankie Paul Shares Update on Her Mental Health Journey After Arrest
'Wild Hearts' Review: Monster hunting under construction
Nordstrom Rack's Epic Clear the Rack Sale Is Here With $13 Dresses, $15 Jackets & More 80% Off Deals