The people who hoped for the financial security of the PGA Tour are now content, and Tiger Woods, being the player director, is one of the main voices in the decision. It concluded all the long hours of effort into a decision and finally, the SSG is investing in the PGA Tour. PGA Tour commissioner Jay Monahan calls this deal a “landmark agreement” that received a $3 billion investment; the valuation of the contract being $12 billion.
This new entity will also have more than 200 PGA Tour members who can hold stakes in the new entity. The members should meet a few criteria to hold stakes, like career accomplishments, recent achievements, and a few other aspects. Also, golfers will receive $600 million in equity grants, and player compensation will be guaranteed after SSG’s involvement. The board will contain 13 members, with the majority of them being PGA Tour golfers. Tiger Woods went on to express his excitement regarding the deal describing how history has been created.
Tiger Woods Sees The Business Deal With The SSG As A Historical Moment In Golf
In the interview following the announcement, Tiger Woods discussed details of the deal.
“Just wanted to say thank you, SSG, for believing in us and believing in our sport. Believing in the potential growth that we could enjoy together…As has been described earlier, as the Tour grows, we grow. So the more we invest into the Tour, the more we get the benefits of it…it’s never happened in sports history. So we’re the first. Exciting for me to be able to be part of that.”
The aspect that the tour is dishing out player equity is important, and Woods will own the most shares as expected. Peter Malnati agreed with Woods on this and said,
“I actually think it’s kind of fitting…that you just heard from probably the greatest player to ever play on the PGA Tour …share his enthusiasm and his excitement for this deal…this deal is equally exciting for me as it is for Tiger.”
For now the Saudi PIF stands excluded from the deal. But it is to see if the PGA tour allows any future PIF investment or not. Malnati was frustrated by the entire chaos, and considered this as a moment of celebration, being optimistic about the future.
