LIV Golf, which is a new competitor to the PGA Tour, has been able to dominate the conversation about professional golf for the past two years.
Sportico has obtained the Tour’s IRS filings and provided some key details. These include the increase in Commissioner Jay Monahan’s compensation as well as the Tour’s revenue, legal fees and expenses.
Monahan reported a 2022 compensation of $18.6m, up from 13.9m in 2021. Monahan’s reported compensation for 2022 was $18.6m, up from $13.9m in 2021. This includes a $1.8m base salary, as well as $9.2m in bonuses and incentive payments. According to the Tour, Monahan is also expected to receive $7.4m of non-cash retirement benefits.
In 2022, The Tour’s revenue grew to $1.9 billion from $1.59 in 2021. This was due to its new TV deals. The Tour’s expenses also increased in 2022, totaling $1.87 billion as opposed to $1.55 in 2021. The Tour paid out more than $5,000,000 in severance to former employees. $2.1 million went to the former Chief Financial officer Kenneth Sharkey; $1.5 million to the former Executive Vice President Jeanne Lightcap; and $1.1 million to the former Chief Marketing Officer Ty Votaw.
The Tour’s legal expenses grew from 2 million dollars in 2021 to over 20 million dollars in 2022, as the Tour began its legal battle against LIV Golf and PIF in August of 2022. This figure includes costs associated with the U.S. Department of Justice’s investigation. The figure of $20.7 million is higher than the combined legal fees for the last 14 years.
The 2022 numbers will be interesting compared to the 2023 figures, especially the second five-month period of the Tour’s legal fights with LIV.
