Tiger Woods and Rory McIlroy have been rewarded for their loyalty to the PGA Tour with multi-million dollar payouts from the newly created PGA Tour Enterprises. Woods will receive $100 million while McIlroy will earn $50 million. The Telegraph reported that around $750 million of equity will be divvied up between 36 “superstars” who are the “most deserving.” Another $250 million will be split up between roughly 160 other golfers.
The PGA Tour’s Zurich Classic of New Orleans, the only official team event on the tour, tees off on Thursday in Avondale, Louisiana. Rory McIlroy makes his event debut alongside fellow Ryder Cup teammate Shane Lowry, highlighting a field that includes three top-10 players. Defending champions Davis Riley and Nick Hardy return to defend their title, which they won with a record-setting 30-under 258 last year.
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.
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.
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.
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.
LIV Golf continues its pursuit of top golfers, with CEO Greg Norman confirming discussions with a PGA Tour player in his home. While the player ultimately declined, Norman expressed confidence in attracting more big names in the future. Speculation around Rory McIlroy’s potential defection has been dismissed, but Norman emphasizes that LIV Golf remains open to conversations with interested players.
The PGA Tour has announced that 193 eligible players will receive equity stakes in the newly formed PGA Tour Enterprises, worth over $930 million. The reward is intended to recognize the players’ loyalty to the Tour, following the controversial merger with LIV Golf last year. The equity distribution will be divided into four groups based on career performance and PIP results, with Tiger Woods and Rory McIlroy among the top earners. The move aims to strengthen the Tour and appease players who were dissatisfied with the merger decision.
