01/08/26 02:02:00
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01/08 14:00 CST PGA Tour to expand equity program to include current FedEx Cup
performance
PGA Tour to expand equity program to include current FedEx Cup performance
By DOUG FERGUSON
AP Golf Writer
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.
Brian Rolapp, the CEO of PGA Tour Enterprises, laid out the expansion in a memo
to players Thursday afternoon, a week before the late start to the 2026 season.
The Associated Press has viewed the memo, 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.
This will roughly double the number of players who will be receiving recurring
grants this year.
"By broadening the Player Equity Program, we are reaffirming our commitment to
recognizing competitive performance and ensuring more of our members have the
opportunity to share in the PGA Tour's long-term success," Rolapp wrote in the
memo.
The tour announced the equity program nearly two years ago when it 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 initial steps of the program 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.
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.
That brings the count to more than 213 PGA Tour members who share some $1.3
billion in equity grants.
"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."
He offered no concrete details on a revamped schedule the Future Competition
Committee is exploring. Topics under consideration include the potential for
what he described as an "iconic start" to the season, exploring more major
markets (the tour is not in New York, Chicago or Boston on a regular basis) and
enhancing the meritocratic structure.
Rolapp described progress as exploratory with no decisions reached yet.
He also sought to ease any concerns about one of his key pillars --- scarcity
--- which has been interpreted to mean the possibility of fewer tournaments.
"When we talk about scarcity, the goal is to make every event matter more to
fans, players and partners --- not dramatically reducing the number of total
events, playing opportunities or access," Rolapp wrote. "The Committee is still
exploring all options, and our priority is to create a schedule that maximizes
engagement and value for everyone involved."
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