PGA Tour Expands Player Equity Program to Reward Current Performance
The PGA Tour is expanding its Player Equity Program to reward current performance, adding the top 50 in the FedEx Cup this year to those receiving recurring grants from a first-of-its-kind program that has topped $1 billion in equity for more than 200 players. This move is a significant step towards recognizing and rewarding the competitive performance of its members.
Brian Rolapp, the CEO of PGA Tour Enterprises, laid out the expansion in a memo to players, which included updates on the progress of a new schedule model by a committee chaired by Tiger Woods. The expansion to the top 50 in the FedEx Cup was a result of a player meeting at the Rocket Classic, one week after Rolapp took over as CEO of the for-profit PGA Tour Enterprises. It also was discussed at the November board meeting before being approved.
The Player Equity Program was announced nearly two years ago when the PGA Tour brought in Strategic Sports Group – a consortium of North American sports owners led by Fenway Sports Group – as a private investor that made an initial pledge of $1.5 billion with a chance for the investment to double. The program has already awarded $750 million in equity grants to 36 players based on career performance, the previous five years and the Player Impact Program that measured star power; $75 million for 64 players based on the previous three years; $30 million for 57 players who are PGA Tour members; and $75 million for 36 past players instrumental in building the tour.
Program Details and Vesting Schedule
The program featured an additional $600 million in recurring equity grants for future PGA Tour players, to be awarded in amounts of $100 million annually starting in 2025. Those 2025 grants will be awarded in April, while the top 50 in the FedEx Cup this year – that list is finalized after the BMW Championship – would get their grants in April 2027. The initial $930 million to 193 players are 50% vested after four years, 75% after six years and fully vested after eight years. The annual recurring shares have a cliff vesting of 100% after six years.
The grants awarded to 20-plus players in 2025 were determined based on the last three years of career points, career points earned last season and the Player Impact Program. The latest PIP results have not been released. This brings the count to more than 213 PGA Tour members who share some $1.3 billion in equity grants.
Impact on Players and the Tour
“As the sports industry continues to evolve and attract significant investment, your ownership in the PGA Tour is becoming an increasingly important part of the conversation,” Rolapp wrote. “The PGA Tour’s player ownership model stands out as a groundbreaking approach – giving you the opportunity to benefit from the PGA Tour’s growth and success in ways that go beyond weekly purse earnings. In short, as the PGA Tour does better, so do you.”
Rolapp also addressed concerns about the potential for fewer tournaments, stating that the goal is to make every event matter more to fans, players, and partners, not to dramatically reduce the number of total events, playing opportunities, or access. The Future Competition Committee is still exploring all options, with a priority on creating a schedule that maximizes engagement and value for everyone involved.
The expansion of the Player Equity Program is a significant development for the PGA Tour, demonstrating its commitment to recognizing and rewarding the performance of its members. As the tour continues to evolve and grow, it will be interesting to see how this program impacts the players and the sport as a whole.
