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The way in which the $930m preliminary funding made by Fenway Sports activities Group into the PGA Tour is to be divided among the many gamers has been introduced, with the highest 36 gamers set to share a pot value a staggering $750m (£593m).
An elite group of gamers will share $750m of fairness within the new business entity created in alliance with a gaggle of US-based sports activities group homeowners in a bid to safeguard the enterprise from the specter of LIV Golf.
It was confirmed final week that the PGA Tour had struck a deal, value $3bn in complete, with a consortium led by the Fenway Sports activities Group. There’s a plan for Saudi Arabia’s Public Funding Fund, which funds LIV, to additionally make investments however that continues to be topic to regulatory pressures.
The PGA Tour informed gamers the funds will probably be distributed in line with “profession accomplishments, latest achievements, future participation and providers”, opening the door for Tiger Woods, who hasn’t competed commonly in recent times attributable to damage, however continues to be answerable for boosting the PGA Tour’s world attain, to obtain a hefty share of the funding cash.
WHAT WILL THE REST RECEIVE
A second group of 64 gamers – these ranked 37-100 in line with the PGA Tour’s checklist of standards – will share $75m of fairness, which will probably be allotted on performances over the past three years. Whereas one other 57 gamers – ranked 101- 157 within the checklist – will share $30m of fairness if they’ve “earned sure PGA Tour absolutely exempt classes”.
The ultimate portion of the fund, value $75m, is for 36 gamers who had been “instrumental in constructing the trendy PGA Tour primarily based on profession efficiency”.
Gamers can solely earn a pay out from one of many classes, whereas these have joined LIV Golf is not going to be eligible for any share of this fund, no matter their historic success on the PGA Tour.
“Right now marks an necessary second for the PGA Tour and followers of golf the world over,” mentioned PGA Tour commissioner Jay Monahan, who’s CEO of PGA Tour Enterprises, the brand new for-profit physique created following Fenway’s funding. “By making the PGA Tour members homeowners of their league, we strengthen the collective funding of our gamers within the success of the PGA Tour.”
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