Executive Compensation at PGA Tour, Inc (2023)

The PGA Tour, Inc. is a tax-exempt, non-profit 501 (c) 6 – a membership organization for touring professional golfers – up to a maximum of 156 who participate in 47 events (44 regular events and 3 playoff events). The exact number of members is difficult to determine since there are various exemptions and player status (the top 125 ranked players have their card renewed annually but players ranked between 126-150 can retain their card and play when other golfers are not playing, and winning certain tournaments also guarantees a tour card).

There are 40 related organizations taxed as a corporation or trust, 3 related organizations taxed as a partnership, and 4 related tax-exempt organizations (see the Form 990, Schedule R for details).

The PGA Tour, Inc is overseen by 10 voting members of the governing body, 6 of whom are independent, and 9 of whom are male and 1 female.

In 2023, the PGA Tour, Inc reported total revenue of $1.8 billion, most of which came from media rights ($731 million), sponsorship ($422 million), royalties ($302 million), and tournament management  ($204 million).

Expenses totaled $1.9 billion with the three largest expenses reported to be fees (primarily player prize and other benefits of $833 million), tv production and broadcasting ($258 million) and compensation ($285 million).

1,265 employees received $285 million, or an average of $225,000.  However, only 450 employees received more than $100,000 in compensation with the 26 most highly compensated reported to be:

• $24,941,352:  Rory McIlroy, Player Director
• $23,293,346:  Joseph W Monahan, Commissioner*
• $20,648,992:  Tiger Woods, Player Director
• $16,298,765:  Jordan Spieth, Player/Director, Treasurer
• $13,774,987:  Patrick Cantlay, Player/Director
• $13,056,856:  Ronald E Price, COO*
• $ 4,483,302:  James A Padzer, Chief Tournament and Competitions Officer* (thru 8/31)
• $ 3,300,329:  Allison W Keller, Chief Administrative Officer*
• $ 3,094,111:  Richard D Anderson, Chief Media Officer*
• $ 2,114,138:  Leonard Brown, Chief Legal Officer*
• $ 1,937,451:  Brian M Oliver, EVP,  Corp Partnerships*
• $ 1,914,677:  Jay Madara, EVP and CFO (as of 7/1)
• $ 1,653,518:  Leland T Dennis, EVP and President PGA Tour*
• $ 1,608,077:  Peter Mainati, Player/Director
• $ 1,535,962:  Shawn P Hegan, SVP, Player Relations
• $ 1,430,483:  Robert Ohno, Former SVP, International Tours
• $ 1,383,821:  Neera Shetty, EVP, Social Responsibility & Inclusion/DGC
• $ 1,347,337:  Laura Neal, EVP, Brand Communications
• $ 1,242,065:  Norbert Gambuzza, SVP, Media and Gaming
• $ 1,179,427:  Charley Hoffman, Player Director, Secretary
• $ 1,167,912:  Daniel T Glod, Jr, SVP, Player Partnerships
• $ 1,125,397:  Webb Simpson, Player Director
• $ 1,123,536:  Jason Gore, EVP, Chief Player Officer
• $ 1,111,911: Matthew Rapp, SVP Championship Management
• $ 1,103,704:  Alexandra C Baldwin, President, Korn Ferry Tour
• $  945,425:  Jack M Brady, Jr, President, PGA Tour Champions

The 26 most highly compensated employees received $145 million in compensation in 2023. Although Rory McIlroy appears to be the most highly compensated at nearly $25 million in compensation in 2023, there are 4 “independent contractors” (who appear to have joined LIV Golf but still play in PGA events) who received tournament earnings:

• Viktor Hovland, received nearly $32 million in tournament earnings in 2023;
• Scottie Scheffler received $28 million in tournament earnings in 2023;
• Rory McIlroy Enterprises received $23 million in tournament earnings in 2023; and
• Rahm Inc LLC received $23 million in tournament earnings in 2023.

In summary, 30 members, employees, and “independent contractors received $250 million in compensation in 2023.

It is interesting to note Joseph Monahan, the Commissioner, received more than $23 million in 2023 and nearly $100 million in compensation from 2017-2023:

JOSEPH MONAHAN:  TOTAL COMPENSATION 2017-2023:  $94 million

• 2023; $23,293,346
• 2022: $18,620,857
• 2021:  $13,906,082
• 2020:  $14,198,297
• 2019:  $ 8,880,807
• 2018:  $ 7,443,295
• 2017:  $ 7,569,988

The PGA Tour, Inc. paid for first class or charter travel, companion travel, health or social club dues or initiation fees, and provided tax indemnification or gross up payments. See the Form 990, Schedule J, Part III, Supplemental Information for more details.  Information on supplemental non qualified retirement plans can also be viewed on Schedule J.

Finally, it is important to note the PGA Tour, Inc. has $1.2 billion in net assets (down $100 million from 2022 because the organization spent about $60 million more then they reported and a -$40 million adjustment to net assets due primarily to investment write-offs.

To read the IRS Form 990 of the PGA Tour, Inc (2023), click here.