Tiger Woods will receive $100 million from PGA Tour Enterprises for his commitment, according to the Telegraph. This was announced in a statement by PGA Tour Commissioner Jay Monahan.
The PGA Tour recently announced a $1.5 billion investment from Strategic Sports Group (SSG), allowing over 200 members to become “equity holders” in PGA Tour Enterprises. Strategic Sports Group helped establish PGA Tour Enterprises, a new non-profit corporation to which they contributed $3 billion. Woods and other PGA Tour players invested in PGA Tour Enterprises early this year.
“It was incredibly important for us to create opportunities for the players of today and in the future to be more invested in their organization, both financially and strategically,” Woods and fellow board members Patrick Cantlay, Peter Malnati, Adam Scott, Webb Simpson, and Jordan Spieth shared in a joint statement at the time.
“This not only further strengthens the Tour from a business perspective, but it also encourages the players to be fully invested in continuing to deliver–and further enhance–the best in golf to our fans.”
The equity that Woods and other players will receive will be determined by how well they have performed in their jobs, how many times they have played and benefited others in the future, and whether they are PGA Tour members. Furthermore, the Telegraph said that the golfers will receive half of their estimated money back after four years. Following that, the remaining funds will be invested for another four years.
Woods is one of the wealthiest Black athletes, and one of only a few who have earned more than a billion dollars over his career. He has made $2.1 billion in his career and benefits from a long-term Nike agreement.
Woods’ career suffered as a result of a publicized divorce caused by adultery, as he lost many endorsement deals, had a few run-ins with the authorities, and sustained a succession of injuries.
Woods, on the other hand, has been able to move on from his past and prove his detractors wrong. He recently won his fifth Masters title at Augusta National, marking his first major triumph in 11 years, in what has been dubbed one of the greatest comebacks in athletic history.
He recently concluded his more than 20-year affiliation with Nike. According to CBS News, the legendary athlete signed a hefty endorsement deal with Nike in 1996 and has renewed it several times since. According to the platform, his most recent arrangement was a 10-year contract worth an estimated $200 million signed in 2013.
“Over 27 years ago, I was fortunate to start a partnership with one of the most iconic brands in the world. The days have since been filled with so many amazing moments and memories, if I started naming them, I could go on forever,” the 15-times major champion said.
In response, Nike showed a picture of Woods flashing his trademark fist pump and final-round red top, with the caption: “It was a hell of a round, Tiger.”