How does the PGA Tour Enterprises work?
For a sport that has remained relatively the same for the past few decades, with very few major developments to speak of, the past couple of years have been incredibly eventful for the game of golf.
However, in the past few months, there have been significant announcements that will have a wide-ranging impact on both the players and the game as a whole. One of these was the unveiling of PGA Tour Enterprises.
But what is the PGA Tour Enterprises, what does it mean for the players, why was it created and how will it affect golf on a wider scale? Read on to find out more.
What is PGA Tour Enterprises?
PGA Tour Enterprises is a new initiative created by the PGA (The Professional Golfer’s Association) with funding offered by the external company Strategic Sports Group (SSG). The intention of the PGA Tour Enterprises is to offer the players the chance to become equity holders in the new venture, giving them an even greater financial incentive to play in the PGA Tour and similarly important events.
SSG has injected a staggering $3 billion of funding into the scheme, with $1.5 million available to be earned by active talent, giving professional players the chance to secure huge sums of cash, virtually immediately.
According to a press release uploaded to the PGA website:
“... in a first-of-its-kind program, nearly 200 PGA TOUR members will have the opportunity to become equity holders in this new company. PGA TOUR Enterprises is also considering participation by future PGA TOUR players that would allow them to benefit from the business’s commercial growth.”
“Under this program, players would collectively access over $1.5 billion in equity in PGA TOUR Enterprises. These grants – which vest over time – will be based on career accomplishments, recent achievements, future participation and services and PGA TOUR membership status, and grants are only available to qualified PGA TOUR players.”
Why was PGA Tour Enterprises created?
At face value, and according to the PGA itself, the PGA Tour Enterprises was created to empower PGA players and encourage the very best in competitive play, progression and a sense of belonging in an organisation, community and sport as a whole. However, given other investments made in the game of golf in recent years, the actual reason could be far less noble.
LIV Golf - a creation of the Saudi Public Investment Fund - made huge waves when it was announced several years ago, with millions of dollars pumped into its expansion. Today, LIV attracts professionals and instantly recognisable names all over the world thanks to its handsome paychecks, with players having the potential to earn millions simply by showing up and playing subpar games.
However, while the money may be enticing, the new tournament has not been as well received by the fans and the players as the PIF may have intended, with criticism being targeted towards the over-the-top financial figures and a seeming lack of respect towards the history of golf and golf tournaments.
Rory McIlroy, one of the biggest names in the sport today and a former world number one, recently reiterated his opinion on the subject, stating the tour is simply not for him. (LINK TO BLOG WHEN LIVE)
Who is on the board of directors at PGA Tour Enterprises?
In an effort to create an environment in which players can have their questions answered and be listened to by familiar and experienced ears, the PGA Tour Enterprises recently announced the establishment of a board of directors - and there are a few familiar names that stand out.
Particularly, Tiger Woods - one of the most famous names in golf over the past two decades and a key hand in the development of the Trackman Virtual Golf Simulator - will sit in the Player Directors chair. On the administrative side of things, several high-level names from both the PGA and SSG will have positions of great influence.
PGA Tour Commissioner Jay Monahan had the following to say on the announcement:
“Our current and former players will provide essential insight into our members’ priorities and needs. And we welcome key SSG members to the leadership team, whose exceptional track records and achievements in global professional sports will lend a wealth of knowledge into the opportunities ahead for the PGA TOUR. Their expertise will undoubtedly play a pivotal role in the success and growth of our commercial initiatives.”
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