Woods, McIlroy to receive millions in loyalty payouts for shunning LIV and sticking with PGA Tour

Tiger Woods and Rory McIlroy are among the golfers expected to be given equity in PGA Tour Enterprises as a thank you for sticking with the Tour instead of jumping to rival LIV Golf, the Telegraph reported on Wednesday.

Woods will receive a $100 million and McIlroy a $50 million stake in the newly-formed enterprise for not taking lucrative offers from the Saudi-backed LIV as merger negotiations between the two circuits continue to drag on.

Jordan Spieth and Justin Thomas will receive $30 million each. while In all, $750 million will go to the top 36 players based on a formula that calculates their impact on the game – career success, popularity.

Nearly 200 players will be paid for sticking with the Tour.

These payments will be dolled out over an eight-year phase which means that the players will have to stay committed to the Tour during this period. The Tour plans to pay out $100 million annually to its players.

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 program will reward top performing members and legends who helped build the modern PGA Tour, the memo said.

The initial round of player equity grants will total $930 million and will be awarded to 193 PGA Tour members, with the majority of that 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/or complete service requirements commensurate with the value of the grant.

A spokesperson for the PGA Tour said the Tour could not comment on any detail of the Telegraph report due to U.S. Securities and Exchange Commission regulations and private financial information.

ALSO READ

• Jon Rahm ghosted by Tiger Woods since LIV Golf signing

• Rory McIlroy backs Brooks Koepka for United States' Ryder Cup

• McIlroy calls for Ryder Cup rules change after Masters Champion Jon Rahm deserts PGA Tour to join LIV Golf

• Phil Mickelson applauds Tiger Woods joining PGA Tour as Player Director

• Sports