Tiger Woods, Rory McIlroy and other star PGA players are about to receive huge bonuses for their loyalty.
The Telegraph reported Wednesday that Woods would receive up to $100 million from new for-profit company PGA Tour Enterprises, with McIlroy getting about half that amount.
The payments, expected to be disclosed to players by PGA Tour Commissioner Jay Monahan on Wednesday, are a way of thanking players for sticking with the PGA instead of joining rival LIV Golf Tour which offers huge salaries from Saudi Arabia Public Investment Fund.
Nearly 200 players will receive a bonus, of which $750 million will be paid to the top 36 players based on a formula based on professional success and cultural popularity, according to The Telegraph. Other notable payouts include $30 million each for Jordan Spieth and Justin Thomas, while $75 million is expected to go to retired players.
To receive this money, players would have to continue to remain loyal to the PGA. The PGA plans to award $100 million per year to players in the future.
PGA Tour Enterprises received an investment of up to $3 billion earlier this year from Strategic Sports Group, a consortium of sports owners that includes Steve Cohen of the New York Mets and Arthur Blank of the Atlanta Falcons.
Sources also confirmed to ESPN on Tuesday that McIlroy is set to return to the PGA Tour’s political board. This decision is pending a vote by the board of directors which could take place this week.