With LIV Golf posing a financial and competitive threat to the PGA Tour, the world’s largest golf tour increased its financial commitment to its best golfers.
A new Wall Street Journal report has looked at the finances of the PGA Tour and found that some employee expenses (both current and former) are far more lucrative than what most golfers can earn.
The Journal reported that some of those expenses aren’t disclosed in the nonprofit tour’s annual tax returns, and it also said that around 55% of the $1.52 billion in revenue from the tour goes to the players.
NEW: PGA Tour Commissioner Jay Monahan will travel anywhere by private jet, an undisclosed benefit. It’s one of several signs of big corporate spending at the nonprofit golf league now clawing for dollars in the battle with LIV Golf. With@andrewlbeatonhttps://t.co/mO7f3fILt0 about @WSJ
— Mark Maremont (@MarkMaremont) 09/14/2022
Some of the results were:
- Use of a private jet anywhere PGA Tour Commissioner Jay Monahan travels, including for personal use. The tour told the WSJ in a statement that this was a policy because it “provides the required levels of efficiency, privacy and security.”
- Monahan’s 2020 earnings of $14.2 million were more than any other golfer on the tour earned that year except for Masters winner and FedEx Cup champion Dustin Johnson.
- Over a four-year period from 2017 to 2020, retired executives received $8 million in severance pay and $32 million in other compensation — half of which went to former Commissioner Tim Finchem.
- $81 million was spent on a new PGA Tour headquarters in Ponte Vedra Beach, Florida.
The PGA Tour promised players bigger purses and more big-money events in response to LIV, but when those results come out it will be interesting to see if Tour golfers are vying for a bigger slice of the pie.
Cover photo via Planet Sport
- Report: PGA Tour spending includes private air travel, multimillion-dollar headquarters and millions to retired executives – 09/14/2022
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- LIV Golf just landed top collegiate golfer David Puig – September 13, 2022
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- Cameron Smith stripped of winning privileges at TPC Sawgrass – September 9, 2022
- Patrick Reed resisted a DP World Tour request by wearing LIV golf attire – September 8, 2022
- Rickie Fowler fires Swing Coach as his support team continues to transform – September 7, 2022
- Presidents Cup: Davis Love III adds Spieth, Morikawa to wild card picks – September 7, 2022
- Immelman calls LIV defectors ‘pretty frustrating’ – picks 5 rookies for roster – September 6, 2022
- REPORT: PGA Tour’s plan for international big money events may not go ahead – September 2, 2022
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