Famous player Tiger Woods was awarded with 100 million dollars because…
According to The Telegraph, Tiger Woods has received an email informing him that he will receive up to $100m in equity for staying loyal to the PGA Tour.
The Newspaper reported that the veteran golf player has received an email from Sawgrass HQ that states he will be awarded up to $100m in equity for staying loyal to the PGA Tour, with Rory McIlroy possibly receiving $50m for not joining LIV.
Golf fans have awaited this news after the PGA Tour launched PGA Tour Enterprises earlier this year, a programme that promised players the ability to collect equity based on career accomplishments.
The business endeavor originated from a collaboration with Strategic Sports Group (SSG), an alliance of American sports franchise owners headed by Fenway Sports Group, the owner of Boston Red Sox, Liverpool FC, and other teams.
It was estimated at the time of its launch that players would have the chance to receive over $1.5 billion in immediate and future equity in the new company collectively. The grants would be given out based on a player’s career accomplishments, recent accomplishments, future participation and services, and membership status on the PGA Tour.
A little over two thirds of the estimated $1.5 billion will be distributed among 193 golfers as stock. The Telegraph, however, has revealed that the $750 million to be distributed among the 36 superstars selected by the circuit would vary in amount according on the factors mentioned above.
At the time of PGA Tour Enterprises’ launch, Jay Monahan, CEO of the new Venture and Commissioner of the PGA Tour, emphasised: “Today marks an important moment for the PGA TOUR and fans of golf across the world.
“By making PGA Tour members owners of their league, we strengthen the collective investment of our players in the success of the PGA TOUR.
“Fans win when we all work to deliver the best in sports entertainment and return the focus to the incredible – and unmatched – competitive atmosphere created by our players, tournaments and partners.”
The first 36 players will probably be happy with their payout, while the remaining 64 players will split $75 million in equity. However, 57 players will split $30 million in the following section. Career points will be the primary criteria in each group.
In the future, the Tour intends to give out $100 million in equity year, with the goal of raising the sums through sponsorships and television agreements.
It’s hardly unexpected that Woods is apparently getting paid a lot considering his 82 Tour victories and his standing as one of the biggest golfers and personal brands.
Considering how much of a loss it would be for Woods to join players like Phil Mickelson in switching to LIV golf, this endeavor appears to be a way to stop more from doing so.
It remains to be seen, though, how much of an impact this campaign will have. The $450 million upfront price that Jon Rahm received when he joined the rival organization is significantly more than the majority of PGA players would get from this business endeavor.
