Tiger Woods and Rory McIlroy are set to be rewarded for their loyalty to the PGA Tour amid ongoing merger talks with rival LIV Golf.
The Telegraph reported Wednesday that both golfers are expected to receive equity in PGA Tour Enterprises as a token of appreciation for staying with the tour instead of pursuing offers from LIV Golf.
Woods is expected to be granted a stake worth $100 million, while McIlroy will receive a $50 million stake in the newly formed enterprise. These gestures highlight the PGA Tour's commitment to retaining its top talent and strengthening its position in the world of professional golf.
A substantial portion of current PGA Tour members will be rewarded with equity in the new for-profit entity, according to a memo sent out in February by Commissioner Jay Monahan and seen by Reuters.
PGA Tour Enterprises is majority-owned by the tour and bolstered by a $1.5 billion investment by Strategic Sports Group, a consortium of sports team owners, the memo said.
The memo said that the program will reward top-performing members and legends who helped build the modern PGA Tour.
The initial round of player equity grants will total $930 million and will be awarded to 193 PGA Tour members, with the majority going to the top 36 players as determined by a performance-based formula, the memo said.
All initial grants will require players to compete in 15 or more events on the PGA Tour and complete service requirements commensurate with the value of the grant.
A PGA Tour spokesperson said the tour could not comment on any detail of the Telegraph report due to U.S. Securities and Exchange Commission (SEC) regulations and private financial information.
