Money has dominated the professional golf conversation for the last two years as LIV Golf has emerged to challenge the PGA Tour.
Sportico obtained the Tour’s IRS filings for 2022 and shared some key details, including increases to Commissioner Jay Monahan’s compensation, the Tour’s legal fees, revenue and overall expenses.
Monahan’s reported compensation for 2022 was $18.6 million, up from $13.9 million in 2021. That $18.6 million includes a $1.8 million base salary, $9.2 million in bonuses and incentives, and according to the Tour, an actuarial estimate of $7.4 million for non-cash benefits that Monahan will receive when he retires.
The Tour reported $1.9 billion in revenue in 2022, up from $1.59 billion in 2021 in the wake of its new TV deals. Expenses were also up in 2022 and totaled $1.87 billion compared to $1.55 billion in 2021. The Tour also paid more than $5 million in severance payments to former employees: $2.1 million to former Chief Financial Officer Kenneth Sharkey, $1.5 million to former executive vice president Jeanne Lightcap and $1.1 to former Chief Marketing Officer Ty Votaw.
Legal expenses for the Tour grew from $2 million in 2021 to more than $20 million in 2022 as it began its legal battle with LIV Golf and the PIF in August 2022. The figure also includes the costs related to the U.S. Department of Justice investigation. The $20.7 million figure is more than the legal fees of the last 14 years combined.
It will be interesting to compare the 2022 numbers to the 2023 numbers, specifically the second five months of the Tour’s legal battles with LIV and their expenses.