The way in which the $930m preliminary funding made by Fenway Sports activities Group into the PGA Tour is to be divided among the many gamers has been introduced, with the highest 36 gamers set to share a pot value a staggering $750m (£593m).
An elite group of gamers will share $750m of fairness within the new industrial entity created in alliance with a bunch of US-based sports activities group homeowners in a bid to safeguard the enterprise from the specter of LIV Golf.
It was confirmed final week that the PGA Tour had struck a deal, value $3bn in whole, with a consortium led by the Fenway Sports activities Group. There’s a plan for Saudi Arabia’s Public Funding Fund, which funds LIV, to additionally make investments however that continues to be topic to regulatory pressures.
The PGA Tour advised gamers the funds can be distributed in accordance with “profession accomplishments, current achievements, future participation and providers”, opening the door for Tiger Woods, who hasn’t competed frequently in recent times as a result of damage, however remains to be liable for boosting the PGA Tour’s international attain, to obtain a hefty share of the funding cash.
WHAT WILL THE REST RECEIVE
A second group of 64 gamers – these ranked 37-100 in accordance with the PGA Tour’s checklist of standards – will share $75m of fairness, which can be allotted on performances during the last three years. Whereas one other 57 gamers – ranked 101- 157 within the checklist – will share $30m of fairness if they’ve “earned sure PGA Tour totally exempt classes”.
The ultimate portion of the fund, value $75m, is for 36 gamers who had been “instrumental in constructing the trendy PGA Tour based mostly on profession efficiency”.
Gamers can solely earn a pay out from one of many classes, whereas these have joined LIV Golf won’t be eligible for any share of this fund, no matter their historic success on the PGA Tour.
“At present marks an necessary second for the PGA Tour and followers of golf internationally,” mentioned PGA Tour commissioner Jay Monahan, who’s CEO of PGA Tour Enterprises, the brand new for-profit physique created following Fenway’s funding. “By making the PGA Tour members homeowners of their league, we strengthen the collective funding of our gamers within the success of the PGA Tour.”