2024-04-26 10:12:45
PGA, ‘money party’ to block transfer to LIV
1.2789 trillion won worth of equity paid to 193 people
You have to stay on tour for 8 years to receive it all.
‘Golf Emperor’ Tiger Woods (USA, photo) receives a ‘loyalty bonus’ worth 100 million dollars (about 137.6 billion won) from the PGA Tour. This is the price for keeping the PGA Tour and not moving to LIV Golf, which is supported by Saudi Arabian capital.
The British media outlet Telegraph reported on the 25th that “Woods will receive up to $100 million in equity from PGA Tour Enterprises in return for his loyalty to the PGA Tour.” For the same reason, Rory McIlroy (Northern Ireland), ranked second in the men’s golf world rankings, took a stake worth $50 million (about 68.8 billion won). PGA Tour Enterprise is a for-profit corporation established with $3 billion (approximately KRW 4.1283 trillion) in support from the investment consortium Strategy Sports Group.
193 PGA Tour players will share a total of $930 million (approximately KRW 1.2789 trillion) in shares. Players are classified into four groups based on their careers, performance over the past five years, and the PGA Tour’s Player Influence Program (PIP) index. The 36 people in Group 1 will receive $750 million, or more than 80% of the total distributed shares. According to the Telegraph, Jordan Spieth and Justin Thomas (USA) receive $30 million. Previously, American media outlet Sports Illustrated (SI) predicted that Korea’s Lim Seong-jae, Kim Joo-hyung, and Kim Si-woo would belong to Group 1.
Players receive their shares divided over eight years. After 4 years, you will receive 50% of the shares first, and then 25% every 2 years thereafter. If you transfer to LIV Golf, etc. midway, the paid shares will be forfeited. The Telegraph analyzed, “If Phil Mickelson (USA) had not moved to LIV Golf, he would have ranked second (after Woods) in terms of stake size.”
Reporter Kang Hong-gu [email protected]
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2024-04-26 10:12:45