PGA Tour to increase prize money; FedEx Cup winners will receive $18 million

The rich will get a lot richer on the PGA Tour.

Player prize money will increase significantly in 2022, with prize money at limited-range events also significantly increased, Golfweek may disclose.

The Tour’s hottest cash prize – the FedEx Cup prize pool – will bring even more money to the top players, soaring to $75 million from $60 million last season. A source with knowledge of the changes confirmed that the next FedEx Cup champion will receive $18 million. Patrick Cantlay won $15 million for his win in August.

Other bonus programs designed to reward elite players will also increase sharply in ’22. Controversial player impact program, existence of program revealed by Golfweek in April, growing to $50 million from $40 million. PIP uses a variety of metrics to determine which players drive the most fan engagement, and in its first year awards the most influential player $8 million.

The Comcast Business Tour Top 10 — the prize for the top performers at the end of the regular season and before the FedEx Cup knockouts — will double their wealth to $20 million. The tour has also created a new bonus program from which most members can get it. The Play15 program will give away $50,000 for every player who makes at least 15 starts.

Details of the prize money and increments are outlined in a memo sent to players Monday afternoon by PGA Tour commissioner Jay Monahan, a copy of which has been obtained by Golfweek. A spokesperson for Tour confirmed the authenticity of the memo but declined to comment further until it has been reviewed by members.

Monahan’s memo outlines which events will see an increase in prize funds, and which are all limited-sized tournaments that typically attract golf superstars. Prize money at the first two playoff events — FedEx St. Jude Invitational and BMW Championship — will increase from $11.5 million to $15 million.

Three stops associated with the player will also increase. The Genesis Invitational (hosted by Tiger Woods), the Arnold Palmer Invitational and the Jack Nicklaus Memorial Tournament will now pay $12 million versus $10.5 million previously. The World Golf Championship will also increase to $12 million. There is only one WGC event on the 2021-2022 schedule, Dell Technologies Match Play, after the HSBC Champions China stop was canceled last month.

The Players Championship remains the richest stop on the Tour schedule with a $20 million prize pool up for grabs.

“Financial rewards and other benefits – not just for top players but for the entire membership – are growing at an extraordinary rate,” Monahan wrote.

The increase in player bonuses and bonuses — largely aimed at the top stars — will be seen as a direct response to the Super Golf League Tour, a concept that has attempted to contract players. by promises of guaranteed sums and signing bonuses, and financed by the Saudi regime. Last week, Golfweek revealed that PGA Tour plans to host a series of international tournaments offers players the same guaranteed money — another apparent attempt to defuse the SGL threat.

Monahan made no mention of the proposed rival tour in his memo as a member.

The Commissioner went to great lengths to refute a claim put up for sale by SGL advocates that Tour players receive only 26% of the revenue. Phil Mickelson echoed that number in a recent podcast with Gary Williams. In bold typeface and highlighted in a box, Monahan wrote: “Here’s the key number you need to know: 55%. Fifty-five percent of Tour revenue will go back to players by 2022.”

His letter went on to present detailed financials that countered SGL’s position. “There seems to be a misunderstanding not only about our players’ comprehensive income levels, but our financial model as a whole,” he wrote. “It is important that you fully understand and be transparent about our business, as this is your Tour.”

The memo outlines projected consolidated revenue of $1.522 billion for 2022, 85% of which will come from sponsors, and the Tour’s new media rights agreement, which took effect in January. After explaining $716 million in operating expenses, the commissioner added that withdrawing $32 million from the reserve to increase bonuses means a total of $838 million will be allocated to players.

Of that, $685 million as comprehensive income, defined by the Tour as bonuses, bonus programs and contributions to health care and pension plans. Another $153 million came from official business partners – mainly apparel and equipment companies – whose Tour dealings required them to spend guaranteed amounts directly with players in the form of confirm. Monahan wrote that her goal is to see that money double over the next two years.

“We are positioned to grow faster in the next 10 years than at any point in our existence,” Monahan assured members during a pep-talk. “We remain focused on strengthening our core product and investing in our members.”

https://golfweek.usatoday.com/2021/11/22/pga-tour-bigger-bonuses-more-prize-money-2022/ PGA Tour to increase prize money; FedEx Cup winners will receive $18 million

Dustin Huang

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