Results for: LIV Golf

The PGA Tour has begun distributing $930 million in equity shares to 193 players who have remained loyal to the tour despite the allure of Saudi-backed LIV Golf. The equity program is part of a new initiative called PGA Tour Enterprises, which has received a $1.5 billion investment from Strategic Sports Group and is in negotiations with the Public Investment Fund of Saudi Arabia. The majority of the equity shares ($750 million) have been allocated to 36 top-performing players based on their career achievements and star power. While the specific amounts received by individual players have not been disclosed, reports suggest that Tiger Woods and Rory McIlroy may have received $100 million and $50 million respectively. The equity program is intended to incentivize players to stay with the PGA Tour and recognize their contributions to the growth and success of the tour. Additionally, $600 million in recurring equity grants have been set aside for future PGA Tour players, beginning in 2025.

The PGA Tour has injected a substantial $3 billion into its operations, with a portion of the funds earmarked for player bonuses. Tiger Woods and Rory McIlroy have received the most significant payouts, with over $100 million and $50 million, respectively. McIlroy expressed his concerns about the ongoing competition with LIV Golf, acknowledging that the PGA Tour may struggle to outbid the rival league’s seemingly endless resources.

Australian Cameron Smith believes that the future growth of LIV Golf lies in expanding into international markets, where the sport has not yet gained significant traction. Smith made these comments ahead of the LIV tournament in Adelaide, Australia, noting that while Australian fans are passionate about golf, other regions have not had ample exposure to high-level competition. The upcoming international tournaments on the LIV schedule are seen as opportunities to introduce the league to new audiences and showcase its quality of play.

Rory McIlroy is determined to return to the PGA Tour policy board and spearhead a unification deal with Saudi Arabia’s Public Investment Fund (PIF), which backs the breakaway LIV Golf league. Despite his previous criticism of LIV Golf, McIlroy believes he can contribute to the negotiation process and facilitate a compromise between the rival tours. The PGA Tour has experienced a decline in viewership since the emergence of LIV Golf, prompting McIlroy to advocate for a unified front in the golf ecosystem.

In response to the recent defections to LIV Golf, the PGA Tour has announced plans to distribute hundreds of millions of dollars to its members, with top players like Tiger Woods, Rory McIlroy, and Justin Thomas receiving multi-million dollar bonuses.

Greg Norman, CEO of LIV Golf, recently addressed a range of current events in the golf circuit, including rumors of Rory McIlroy’s potential switch to the league and updates on merger talks with the PGA Tour. Here are five takeaways from Norman’s press conference:

1. **Rory McIlroy’s LIV Offer:** Norman confirmed that LIV Golf has not made an offer to McIlroy but would welcome a discussion with him if he is interested in joining in the future.

2. **Top PGA Tour Player Nearly Joined LIV:** Norman revealed that a top PGA Tour player was close to joining LIV, but ultimately decided against it and remained loyal to the PGA Tour.

3. **Format Change Considered:** LIV Golf is considering adopting a 72-hole format for its events, in addition to the current 54-hole format.

4. **Norman’s Augusta Visit:** Norman explained that he attended the Masters tournament to support LIV golfers and praised Bryson DeChambeau’s performance.

5. **Merger Talks Update:** Norman acknowledged the merger talks but stated that he has no insights into their progress and is focused on growing the LIV Golf league.

Tiger Woods and Rory McIlroy, along with other PGA Tour stars, will receive substantial equity bonuses as incentives to remain with the tour. Woods will receive $100 million, while McIlroy will earn approximately half that amount. The payouts aim to express gratitude for their commitment amid the lure of rival LIV Golf and its lucrative Saudi Arabian funding. The bonuses will be distributed among several hundred players, with the top 36 players receiving the majority based on a formula considering career achievements and popularity. PGA Tour Enterprises secured a $3 billion investment earlier this year from Strategic Sports Group, a collaboration of sports owners including Steve Cohen and Arthur Blank.

South Australian Premier Peter Malinauskas believes LIV Golf has quenched the thirst for high-level golf in Australia, with its event in Adelaide serving as a subtle dig at the PGA Tour. The league’s return to Australia for a second year marks a significant boost for the sport, as the country has experienced a decline in top-tier tournaments outside of the Australian Open and PGA Championship. The presence of renowned players like Cameron Smith and Greg Norman has revitalized Australian golf, according to Malinauskas, who credits Norman’s role in attracting world-class competition to the country.

LIV Golf CEO Greg Norman has expressed openness to exploring a 72-hole format, acknowledging the potential impact on the circuit’s business model. Additionally, Norman dismissed reports of an $850 million offer to Rory McIlroy, who has denied any discussions with the Saudi-backed league. LIV golfer Jon Rahm emphasized the business considerations in making a decision on the format change.

LIV Golf CEO Greg Norman vehemently denied reports that the league had offered PGA Tour star Rory McIlroy $850 million to join their ranks. McIlroy himself has consistently dismissed any notion of leaving the PGA Tour, stating that his future lies there. Meanwhile, Norman disclosed that he had presented a ‘top PGA Tour player’ with LIV’s proposal, which the player found impressive but ultimately declined.