Tiger Woods says the PGA Tour wouldn’t have survived another year of pandemic
Tiger Woods’ explosive press conference on Tuesday also revealed that the PGA Tour was on the brink of a shutdown during the pandemic. According to the ace golfer, the American circuit was running on high debts during that time.
Woods was speaking to the media at the Hero World Challenge pre-tournament press conference in Albany when he said that the PGA wouldn’t have survived “another year” of COVID-induced lockdown.
Making the shocking revelation in the press conference, Tiger Woods said:
“The PGA Tour took out an enormous loan during pandemic. If we had another year of the pandemic, the PGA Tour wouldn’t have made it. The enormous loan worked in our benefit; hence we were able to use that money to make the [purse] increases we’ve made.”
Tiger Woods: "The PGA Tour took out an enormous loan during pandemic. If we had another year of the pandemic, the PGA Tour wouldn't have made it. The enormous loan worked in our benefit, hence we were able to use that money to make the (purse) increases we've made."
The golfer’s disclosure has seemingly shocked many. However, some fans have begun calling bluff on the statement as he quickly moved on to slam LIV Golf for having “an endless pit of money.”
Woods, who said that he was happy with how things turned out for the PGA Tour, claimed that it couldn’t have contested the Saudi-backed series with its funding. The golfer said that the Greg Norman-led series spent hefty sums compared to Jay Monahan’s PGA.
Speaking about LIV Golf and its funding, Tiger Woods said:
“They’ve spent probably close to $2 billion this year. Who’s to say they can’t spend $4 or $5 billion next year? We just don’t know. It’s an endless pit of money.”
He further went on to slam the rebel series for the same.
He added:
“But that doesn’t necessarily create legacies either. You want to compare yourself to Hogan, you want to compare yourself to Snead, you want to compare yourself to Nicklaus, you can’t do that over there, but you can on this tour.”
Phil Mickelson claps back at Tiger Woods' comments
Interestingly, LIV golfer Phil Mickelson was quick to hit back at Tiger Woods' comments, stating that the PGA Tour took out an 'enormous loan.' Mickelson had earlier alleged that the American circuit was “sitting on an $800 million cash stockpile.” The golfer reiterated the comments and dismissed Woods’ comments regarding the earnings and assets of the Tour.
Responding to CBS Golf writer Kyle Porter’s tweet on Woods’ comments, Mickelson said that the American Tour has more than $2 billion in assets.
He tweeted:
“… 1.6 billion in stocks. 700 million in cash. 1.15 billion in non liquid assets. This is from the non profit section. The for profit section hasn’t been stated since 2012 but was more than the non profit part at that time. This can all be googled.”
@KylePorterCBS Pga tour IRS 990 form from 2018
1.6 billion in stocks
700 million in cash
1.15 billion in non liquid assets.
This is from the non profit section. The for profit section hasn’t been stated since 2012 but was more than the non profit part at that time.
This can all be googled
It is pertinent to note that Mickelson’s comments echoed many fans who claimed Woods’ statement to be false. As many pointed out, the PGA Tour star’s comment on the financials contradicted Tour Commissioner Jay Monahan, who had earlier claimed that the PGA didn’t need a loan.
The Tour stated that it relied mostly on its reserves during the pandemic. The PGA has since come out to clarify that Woods might be referring to the dip in the circuit’s reserves when he addressed the financials.