The Genesis Invitational at Riviera Country Club this week marks the start of what could be Tiger Woods’ most active competitive season in nearly five years.
Woods confirmed last week that he will play at Riviera in Pacific Palisades, California, where he also is the tournament host.
He posted on social media: “Excited to be a playing host next week @genesisinv.”
Woods said late last year that he hopes to play as many as six events this year, which would include the four major championships and a probable start in Florida in March, most likely at the Players Championship.
The Genesis Invitational was one of two official starts that Woods made last year, and he finished T45 which included a third-round 67.
Woods, who grew up in Cypress near Los Angeles, made his first PGA Tour start as a 16-year-old amateur at Riviera in 1992. He underwent fusion surgery on his right ankle two weeks after withdrawing from the 2023 Masters. He has struggled to compete since a single-car rollover crash on February 23, 2021, in California. Woods, 48, remains tied with Sam Snead for the PGA Tour’s all-time victories lead, with 82.
There has also been speculation that Woods, who recently ended a long-time sponsorship agreement with Nike, could announce a new clothing deal while in Los Angeles.
In the next step of its reimagined model, the PGA Tour sent a three-page memo to players offering more detail on the equity that will be provided through PGA Tour Enterprises now that Strategic Sports Group has invested.
The plan will be rolled out in mid-March, according to the memo, which was obtained by multiple media outlets.
Under the plan, $930 million will be spread among 193 PGA Tour players, with the money coming from an initial $1.5 billion investment by SSG.
Players receiving equity shares will be divided into four groups:
Group 1 will include 36 players who will receive shares of $750 million based on “career performance, last five-year performance and Player Impact Program results.”
Group 2 will have 64 players receiving a piece of $75 million based on their performance over the last three years;
Group 3 will offer $30 million to 57 players who have fully exempt status on the PGA Tour;
Group 4 will spread $75 million among 36 legacy players who were instrumental in the tour’s growth and development.
According to the memo, the equity grants will vest over time and require players to meet minimum participation guidelines and/or provide services to receive the grants.
The tour plans to provide informational sessions to players about the new program while acknowledging some details still must be finalized as the organization works through legal matters associated with the deal.
“One important component of our go-forward partnership with SSG in PGA Tour Enterprises is the creation of a Player Equity Program where PGA Tour members will have the opportunity to become direct equity owners in their own sports league – a first-ever step forward in global sport,” commissioner Jay Monahan wrote in a memo to players.
“As discussed with the PGA Tour Policy Board, the issuance of equity in PGA Tour Enterprises requires that we comply with important legal and regulatory requirements, and it is critical that we listen to and follow the recommendations of subject-matter experts (across legal, regulatory, finance, and tax) on how we roll out the program. Until we complete this process, we will not be able to answer certain questions that we know are top of mind for the membership including informing individuals who will receive initial grants and the amounts of those individual awards.
“At present, we are targeting completing our legal and regulatory requirements by mid-March such that we can communicate the individual equity issuances immediately thereafter. In addition, we have engaged Korn Ferry, a third-party advisor, to support the Player Equity Program communications roll-out.”
The ongoing negotiations between the PGA Tour and Saudi Arabia’s Public Investment Fund took another twist last week when representatives of U.S.-based consulting firms testified to a Senate committee that they have been threatened with potential prison time should they provide requested documents related to the PIF.
“The PIF has been explicit that the disclosure of information relating to BCG’s work for PIF is a violation of Saudi law, which imposes criminal penalties for disclosing or disseminating such information including imprisonment for a maximum of 20 years,” Rich Lesser, who works for the Boston Consulting Group, said in prepared testimony according to various reports. “We risk criminal and financial penalties for the firm and for individuals working or living in Saudi Arabia.”
According to Bloomberg News, the PIF went to court in Saudi Arabia in November and sued its advisers to prevent them from sharing information with the Senate Committee on Homeland Security and Governmental Affairs.
The PIF has engaged the services of three American consulting firms – BCG, Teneo Strategy and McKinsey – as it works through its negotiations with the PGA Tour which includes an investigation by the Senate committee. Should the tour and the PIF reach an agreement, it still would need governmental approval under federal antitrust laws.
Sen. Richard Blumenthal, a Democrat from Connecticut who heads the Senate’s Permanent Subcommittee on Investigations, responded by saying: “It's simply staggering to me that American companies are not only willing to accept this claim – allowing the Saudi government to determine what is permitted to provide this subcommittee – but also that they would use it to justify their refusal to comply with a duly issued congressional subpoena.”
The announcement last week that ESPN, Fox and Warner Brothers Discovery are forming a joint venture to package streaming sports content will impact how golf coverage is consumed, but its overall effect likely won’t be known until the details of the agreement are finalized.
The venture would bring the PGA Tour together with the NFL, NBA, NASCAR, NHL, FIFA World Cup, college sports and more in a bundled package that will be available to consumers through an app that is expected to debut this fall.
Each of the three companies – ESPN, Fox and Warner Brothers Discovery – will have a one-third share in the new venture.
The announcement came as a surprise to many in professional sports, including leaders of the PGA and LPGA tours.
Though the bulk of golf is broadcast on CBS, NBC and its Golf Channel affiliate, ESPN handles early-round coverage of the Masters and the PGA Championship.
The new deal also would include the TGL, the Tiger Woods/Rory McIlroy-backed league which is scheduled to begin in early 2025.
No pricing details have been announced, but it is another step toward securing viewers who have abandoned traditional cable services in favor of streaming services.
“The launch of this new streaming sports service is a significant moment for Disney and ESPN, a major win for sports fans, and an important step forward for the media business,” said Bob Iger, CEO of Walt Disney Company, which owns ESPN. “This means the full suite of ESPN channels will be available to consumers alongside the sports programming of other industry leaders as part of a differentiated sports-centric service.”
Ron Green Jr.