Bob Harig at SI.com has details of the World Golf Group/Premier Golf League’s latest pitch to get a meeting with PGA Tour Commissioner Jay Monahan and the PGA Tour Policy Board.
Set aside the silliness of the current 200 PGA Tour players getting $2 million each for being in the right place at the right time (Thanks Tiger!), and consider the specifics.
World Golf Group states it believes the PGL will generate $10 billion of equity value by 2030, which would equate to $20 million per PGA Tour voting member and $3 million per Korn Ferry member.
In addition, the proposal includes a cash advance on future equity value of $460 million. In simple terms, each of 200 voting members of the PGA Tour would receive $2 million upon the launch of the PGL, with 200 Korn Ferry members each getting $300,000.
Andy Gardiner, the CEO of the Premier Golf League, who was recently at the Players Championship, declined to comment.
Harig noted Rory McIlroy’s comments on the No Laying Up podcast last December that all but force him to bring the proposal to the table.
“Yes, OK, I get the business model that the PGA Tour is currently under, Andy said 'hamstrung,' in terms of ... this is just sort of what they can do and they’re doing their best with what they can, and I agree that they’re doing a wonderful job within the structure they’re in because that was what was created before Jay (Monahan) took charge. You know it is what it is. But if someone comes along and says I think I can create this amount of revenue and distribute it amongst every player, you have to listen to that, right? Because again, that’s my responsibility to all the players who voted me into this position.’’
But as Harig notes…
What remains to be seen is if McIlroy, the PGA Tour Policy Board and Monahan will take a meeting with the World Golf Group to discuss the PGL proposals.