April 27th 2024.
Almost two years ago, a unique opportunity arose for professional golfers. The LIV Golf Invitational Series, backed by Saudi Arabia's Public Investment Fund, was offering a substantial sum to entice players to join their ranks. However, one notable golfer chose to remain loyal to the PGA Tour - none other than the legendary Tiger Woods.
According to Golf.com, Woods turned down an offer of $700-800 million to join LIV. Instead, he stayed true to the PGA Tour, which rewarded him with a $100 million payday. His commitment to the Tour did not go unnoticed, as he received an email informing him that he would also receive up to $100 million in equity. Fellow golfer Rory McIlroy reportedly turned down a $50 million offer from LIV to stay with the Tour as well.
The ones responsible for compensating the golfers and others who resisted the allure of LIV were Strategic Sports Group. This group, led by Liverpool FC owner Fenway Sports, played a crucial role in creating PGA Tour Enterprises - a new non-profit organization that received a whopping $3 billion investment from the group. This move has not only increased the value of PGA Tour Enterprises to $12.3 billion but has also ushered in a new era for the golf industry.
Earlier this year, it was reported by MSN that Woods and other PGA Tour players were set to become equity holders in PGA Tour Enterprises. This groundbreaking deal was the result of months of negotiations and marked an unprecedented concept in professional sports - the players owning a share of the Tour.
The $3 billion investment from Strategic Sports Group has brought about some exciting changes for the golf industry. The equity given to certain players will be based on various criteria such as their career accomplishments, recent achievements, and Tour status. The Telegraph revealed that the loyal PGA Tour players will be splitting a total of $750 million between 193 golfers, with the 36 superstars receiving a significant portion of the sum. Following McIlroy's reported $50 million equity, other notable golfers such as Jordan Spieth and Justin Thomas are also expected to receive a substantial payday, with equity worth around $30 million each.
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