NEW YORK, June 23 — PGA Tour Commissioner Jay Monahan announced a sweeping overhaul of the circuit on Wednesday in a move designed to dissuade players from defecting to the Saudi-backed LIV Golf series.
In addition, eight designated tour events will see prize money boosted significantly with purses averaging at around US$20 million . In remarks to reporters on Wednesday, Monahan said the PGA Tour would be unable to compete financially with LIV Golf, which is bankrolled by Saudi Arabia’s Public Investment Fund, which has assets estimated at around US$620 billion.
The circuit, headed by Australian golf icon Greg Norman, has spent lavish sums attempting to recruit the world’s top talent, offering signing bonuses reportedly in the region of US$100-200 million.
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