Tiger Woods and other star golfers are set to cash in for staying loyal to the PGA Tour.
According to a report by James Corrigan of The Telegraph, Woods is going to receive up to $100 million in equity, with Rory Mcllroy receiving up to $50 million, for not joining the LIV Tour.
The money is coming from Strategic Sports Group, which is made up of sports team owners who put $1.5 billion into PGA Tour Enterprises, a new for-profit company, three months ago.
Two-thirds of that money will be divided among 193 golfers, with $750 million to go to the 36 golfers most deserving of the increased bonus, according to Corrigan.
The PGA Tour had already explained to its members that the total would be calculated based on career points, a metric created to award players for their achievements during their careers on tour. The PGA Tour’s Player Impact Program, which includes off-course value, will also be taken into consideration.
Members will have to remain loyal to the PGA Tour, as funds are vested over the next eight years, with plans to award $100 million per year to players. Fifty per cent of the payments would come by year four, 75 per cent by year six and the remaining 25 per cent would be awarded over the final two years.
With Woods and Mcllroy leading the way, Jordan Spieth and Justin Thomas are expected to be due for the next highest equity amounts, coming in at around $30 million.
