The PGA Tour is adding further wallets to five of its biggest events. Two FedEx Cup playoff events are now offering $ 15 million on a schedule that will push the prize pool closer to $ 500 million this year.
The raises, which include $ 12 million in the three invitation tournaments, were approved at a board meeting in Houston two weeks ago and described in a memo that PGA Tour commissioner Jay Monahan sent to players on Monday.
“We are poised to grow faster than ever before in our existence for the next 10 years,” said Monahan in the memo received by The Associated Press.
Monahan said the tour’s forecast assumes 55% of revenue will go back to players in the form of prize money, loyalty programs and other perks. The $ 838 million allocated to players includes $ 32 million from the reserve fund.
The prize pool from official events is $ 360.1 million. That doesn’t include the $ 75 million FedEx Cup, and it doesn’t include the majors who now lag behind regular PGA Tour events.
The majors usually only announce their wallets shortly before the event. A year ago, the US Open was the richest major at $ 12.5 million. The PGA championship money was $ 12 million and the Masters and Open championships received $ 11.5 million.
The memo was year-end news delivered earlier than usual, in part due to an announcement earlier this month that a Greg Norman-led group funded by Saudi Arabia’s sovereign wealth fund was taking a $ 200 million move into Asia -Tour wants to get stuck to create a world tour that promises guaranteed wealth.
Monahan didn’t mention any competing tours in his memo.
The tour has already released the schedule for 2021-22, which shows that most tournaments add nearly $ 1 million in prize money.
The updates approved by the board include the postseason events – the FedEx St. Jude Championship and the BMW Championship – which go from $ 11.5 million to $ 15 million in prize money, meaning the winner is 2.7 million US dollars would be received. That’s an increase from a purse of $ 9.5 million a year ago.
Also, prizes at the Genesis Invitational in Riviera, the Arnold Palmer Invitational in Bay Hill, and the Memorial in Muirfield Village rise to $ 12 million, compared to $ 10.5 million previously and $ 9.3 million before one Year.
The World Golf Championships-Dell Match Play will also have $ 12 million in prize money.
The average prize pool on the PGA Tour, excluding the four events to the contrary, is approximately $ 9 million.
Together with the prize money, the FedEx Cup bonus pool increases from $ 60 million to $ 75 million, with the winner receiving $ 18 million. The Comcast Business Tour Top 10, which offers bonuses to the top ranked in the regular season, doubles its total bonus to $ 20 million.
The Player Impact Program, which recognizes leading players based on a variety of media metrics, ranges from $ 40 million to $ 50 million.
The tour said that $ 685 million of the $ 838 million allocated to players would constitute player compensation such as prize money and bonuses. The rest goes into retirement and pension plans.
Most of the increases come from the roughly $ 7 billion worth of nine-year media rights agreement (network and digital) that goes into effect in 2022.
“For the past 20 months – as we weathered the pandemic and restored our operating reserves – we have prioritized wallet growth and overall profit for all FedEx Cup positions,” Monahan said in the memo, adding that the tour “Bullish” was on the forecast “into the future.