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The merger between the PGA Tour and the Saudi Arabian PIF has been the talk of the golf world over the last few months. Overshadowing every tournament, the newer and bigger golf entity that is soon to be established has left the world in disarray.
Amidst the concerns of sportswashing and the PIF primarily bankrolling the entire golf world moving forward, the US Justice Department carried out an investigation into the new agreement.
However, during the Senate hearing, other things were revealed too, including a $350 million gap in the PGA Tour's fund explanation.
Bob "Golf" Ball on Twitter explained the workings of the PGAT and broke down the use of funds. For the 2022–23 season, the PGAT brought in approximately $2.1 billion, of which they allocated $1 billion for players.
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Bob said on Twitter:
"The PGA Tour put out their prize money at $435.7 million for the 2022-23 Fed Ex Cup schedule. Then, they pay out $50 Million in PIP. The Champions Tour is $62.5 million, Korn Ferry Tour at $29 Million, and $10 million for the Latin American Tour, Canada, China, etc... (Being generous.)"
A gaping hole in the PGA Tour's fund allocation was pointed out after a Senate hearing
After all the money has been allocated, a further 154 million is allocated to player retirement. Adding everything up, the total comes up to about $741.2 million. This leaves around $350 million of the money that was allocated to players unused.
This fund allocation was explained under oath by PGAT executive Ron Price and points out major discrepancies in the allocation.
It raises doubts about the standard of payouts that happen on the PGA Tour. While in other sports the payout is around 55%, the PGAT is giving out a payout of only 35%.
With things clearly not adding up, fingers are being pointed at the PGAT executives for not being transparent. With the Tour already in hot water over the new deal, their every move has been scrutinized.
However, with a lot more left to uncover and solidify, the deal between the PGAT and LIV Golf will take over a year to settle.
