As the final putt dropped and the fairways fell quiet yesterday, I realised that ‘26 has been about more than leaderboards - It’s been a journey of grit, brotherhood, and belief and it has changed lives long after cuts were missed and trophies were lifted 🙏🏾
It’s been Real 🙌🏾
@brnraccount001@flushingitgolf I was at the course on the 18th hole. The course was in a stunning condition (just listen to any of the press conferences). There was just super heavy rain today
Bryson DeChambeau needed to get up and down to force a playoff at LIV Golf South Africa and he had to pause while the massive crowd broke into a loud chorus of the national anthem.
Unbelievable scenes 🙌🇿🇦
(He did it btw and is now in a playoff with Jon Rahm)
Still wrapping my head around the fact I paid $1450 to watch the All blacks taking on England in a Rugby World Cup final.
#RWC2027#Allblacks#Rugby 🇳🇿🏴
@JamieWall2 Had to end up buying cat 1 tickets for the one QF in Sydney, but it's probably the Boks vs Nz/Aus, so it's a good game to have decent seats. Just pissed off that I woke up at 02:30 in the morning only to have bought my tickets 7 hours later
@MaxWoodsss@rugbyworldcup The fact that you got in after 90 min is insane. I waited 4 hours (from 03:00 to 07:00 SA time), fell asleep for 35min and missed my spot...
We’re seeing extremely high demand for #RWC2027 tickets right now. A queue system is in place to allow a fair and secure purchasing experience for all. Thank you for your patience.
Have a question? Visit our FAQs: tms-rwcmensaus27.zendesk.com/hc/en-gb
@Rob_McKay@PAULMONK@rugbyworldcup After four hours of being in the queue I fell asleep and missed my spot. Had to rejoin it now from the back. Not super optimistic that I'll get the tickets I wanted
@MicoAFC@PAULMONK@rugbyworldcup I think, maybe, just slightly, the yellow bar may have moved a smidge.
Considering Uber Eats for the next three meals, and a catheter.
@Rob_McKay@PAULMONK@rugbyworldcup Question from a South African here being up at 03:00 in the morning (those committed enough don't care about the time to buy the tickets), have you been able to get past the queue? Been in the queue since it opened with no updates yet
@PAULMONK@rugbyworldcup So what time was that for everyone in the eastern hemisphere, where a majority of the world's population lives, including a HUGE chunk of rugby followers?
AUS
NZL
JAP
FIJ
TON
SAM
To name a few. Throw in China, India....
This is madness 🤯
For a R400,000 car financed at 14% over 6 years with a 20% balloon payment.
𝗧𝗼𝘁𝗮𝗹 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 = 𝗥𝟲𝟮𝟴,𝟳𝟭𝟱
🟢 R401,207 (Loan/Fee)
🔴 R222,540 (Interest)
Brooklyn Beckham speaks out against parents Victoria and David Beckham:
“I do not want to reconcile with my family. I'm not being controlled, I’m standing up for myself for the first time in my life. […] My parents have been trying endlessly to ruin my relationship since before my wedding, and it hasn’t stopped.”
PGA Tour Inc. reported a Net Income Loss of over 451 million dollars in 2024. How that happened, how much the for-profit PGA Tour Enterprises are estimated to have earned, what’s the estimated value of the players’ equity grants, and what needs to happen so the players can cash out? Read below.
In 2024 PGA Tour Inc, a tax-exempt 501(c)(6) non-profit organization under U.S. tax law fundamentally restructured its business by moving most revenue-generating activities—media rights, sponsorships, and other commercial income into the newly created and for-profit PGA Tour Enterprises, while the nonprofit PGA Tour Inc. retained tournament operations, purses, governance, and administrative costs/expenses. As a result, the nonprofit reported an operating loss of over $451M on its IRS filing. The scheme to move the bulk of the revenue-generating activities (media rights, sponsorships, commercial partnerships, etc.) to the for-profit PGA Tour Enterprises, while leaving the nonprofit PGA Tour Inc. responsible for most operating costs/expenses resulted in the for-profit PGA Tour Enterprises earning an estimated $350-400M profit.
They financially turned the PGA Tour Enterprises (a for-profit entity) into a money-making machine, at least on paper.
We gave Chat GPT the PGA Tour IRS filings from 2023 and 2024, other facts and figures that are publicly available (with help from Google Gemini AI), and then Chat GPT calculated the PGA Tour Enterprises profit for 2024. Disclaimer: numbers and/or figures in this article are estimations and haven’t been confirmed, apart from the public PGA Tour Inc. IRS filings and other confirmed facts and figures.
How does the PGA Tour Enterprises profit become clear?
From the IRS filing, PGA Tour Inc earned:
$293M of investment income in 2024
That is its 76% share of PGA Tour Enterprises profits.
So:
PGA Tour Enterprises Net Income: = 293M/0.76 = 385M
At a $12.75B valuation, PGA Tour Enterprises is earning:
385M÷12.75B = 3.0% earnings yield
Which is exactly what private equity accepts for a growing sports media platform. It is safe to say that the PGA Tour Enterprises profit for 2024 should be estimated at around: ≈ $350–400M profit, a completely different story from the non-profit which lost $451 million (on paper). The PGA Tour Enterprises is subject to corporate taxes.
What about the players equity grants and how can the players get their money at the end of the 8-year equity grants vesting period, 2031? The answer to that is that the player’s equity is only valuable if there is a liquidity event. Until then, it’s just “paper wealth.”
Over the next 5-6 years PGA Tour Enterprises can:
1️⃣Sell another minority stake
PGA Tour Enterprises can sell another 12–25%
To Apple, Amazon, Saudi PIF, SSG, or another PE fund
When that happens:
• Players can sell their vested shares pro-rata
• Or the company can buy them out
2️⃣ Saudi PIF deal
PIF can still buy 12–25% of PGA Tour Enterprises at a negotiated valuation.
That would be the cleanest liquidity event:
•Cash in
•Players paid out
•SSG marks up their stake
•Tour keeps control
This is why PIF hasn’t walked away.
3️⃣ IPO (longer term, but huge at a $20 to 25 billion valuation)
If:
• Media rights are locked and show actual growth
• Betting & streaming scale
• Other global rights mature
• LIV Golf ceases to exist or becomes a non-factor
An 8-year vesting period lines up with an IPO launch window.
4️⃣ Forced redemption
Most Private Equity structures include:
•A put option after X years
•Or a company buyback
So even if there is no sale:
PGA Tour Enterprises must repurchase player equity at fair market value.
That’s how SSG is protecting itself — and players benefit from the same clause if implemented.
In summary, for the players to cash their equity grants (“paper wealth”) the PGA Tour Enterprises needs to either: sell another minority stake of the PGA Tour Enterprises to corporate investors, private equity, PIF or SSG, launch an IPO, or buy back the players equity at the end of the vested period (2031) which will cost at least (if market value hasn’t improved) 1.25 to 1.5 billion dollars. Is this the other 1.5 billion promised by SSG or a future PIF investment?
Reported Equity Grants Figures (Unconfirmed): Out of the $750M Group 1 (36 players) equity pool that received grants, Tiger Woods likely received roughly between $100–150M in equity grants, Rory McIlroy $50–100M, Scottie Scheffler around $50M, Jordan Spieth around $45M, with the remaining ~$455M distributed across the other 32 or so players in group 1 for an average of $14M. Of note is that these players will keep getting more equity grants depending on their top 50 FedEx Cup finishes. So far over 200 players have received some initial equity grants totaling just over 1 billion dollars that the PGA Tour Enterprises is already on the hook for. It is also rumored but not confirmed that PGA Tour Enterprises is offering more future equity grants (“paper wealth”) to players negotiating with LIV Golf to convince them to stay on the PGA Tour. If true, it’s their way of paying them to stay.
If the top players decide to cash out (exit) if any of the liquidity event options are implemented by 2031 and at that time the PGA Tour Enterprises’ valuation reaches $15 to $18 billion, their original equity grants would be valued at around:
• Tiger Woods = $145 to $175 million from a possible $125 million initial equity grant.
• Rory McIlroy = $90 to $125 million depending on his initial equity grants.
• Scottie Scheffler = $65 to $85 million.
• Jordan Spieth = $55 to $75 million.
It is possible that Spieth and Scheffler numbers are inverted since Spieth had more majors when the original equity grants were given. It remains to be seen how many more grants Scottie and the rest have received since then.
If LIV Golf were to fold, the PGA Tour players exit cash out would increase along with the PGA Tour valuation in the open market, be it by PE investment (possible $18-20 billion valuation) or by launching an IPO at a $25 billion valuation if the PGA Tour has full control/monopoly of the pro golf game at that time. That’s why the PGA Tour is doing everything in their power to either convince/force Yasir Al-Rumayyan to close shop or to devalue LIV Golf as much as they can to the point that LIV Golf would no longer be a threat to the PGA Tour.
For the longest time the PGA Tour has been about funneling money to its management, top players, and not about traditions! It has been about power, maintaining control of independent contractors (players) by not allowing them to have true “free agency,” and not letting any outsider into the pro golf “boys” ecosystem. They have been forced to create an equity program so they can hold on to that.
To the LIV players still in contract negotiations and asking hundreds of millions of dollars, and the middle of the pack PGA Tour players asking LIV Golf for astronomical amounts of money, everyone understands that LIV has to pay above market value, but none of you are Tiger, Rory, or Scottie and even if you are close to them (Bryson) now you all know their actual value on the PGA Tour. Even Koepka’s value is estimated by the PGA Tour to be from $50-85M and fully dependent on his on-course performance and a liquidity event to convert the “paper wealth” part into cash. So, we suggest all of you return to earth.
@moloij@LFC There's probably a big chance that Siya was their connection. Old School's founder is quite close with Siya, and Siya is quite close with the guys at LFC.
Liverpool FC has entered into a new long-term retail partnership with Old School, one of South Africa's leading supporter and leisurewear brands, to launch the club's first official standalone stores on the continent 🙌🔴