The PGA Tour is expanding its Player Equity Program to reward current performance, adding the top 50 in the FedEx Cup this year to those receiving recurring grants from a first-of-its-kind program that has topped $1 billion in equity for more than 200 players.
Brian Rolapp, the CEO of PGA Tour Enterprises, laid out the expansion in a memo to players Thursday afternoon, a week before the late start to the 2026 season. The Associated Press has viewed
the memo, which included updates on the progress of a new schedule model by a committee chaired by Tiger Woods.
The expansion to the top 50 in the FedEx Cup was a result of a player meeting at the Rocket Classic, one week after Rolapp took over as CEO of the for-profit PGA Tour Enterprises. It also was discussed at the November board meeting before being approved.
This will roughly double the number of players who will be receiving recurring grants this year.
"By broadening the Player Equity Program, we are reaffirming our commitment to recognizing competitive performance and ensuring more of our members have the opportunity to share in the PGA Tour’s long-term success," Rolapp wrote in the memo.
The tour announced the equity program nearly two years ago when it brought in Strategic Sports Group — a consortium of North American sports owners led by Fenway Sports Group — as a private investor that made an initial pledge of $1.5 billion with a chance for the investment to double.
The initial steps of the program awarded $750 million in equity grants to 36 players based on career performance, the previous five years and the Player Impact Program that measured star power; $75 million for 64 players based on the previous three years; $30 million for 57 players who are PGA Tour members; and $75 million for 36 past players instrumental in building the tour.
The program featured an additional $600 million in recurring equity grants for future PGA Tour players, to be awarded in amounts of $100 million annually starting in 2025.
Those 2025 grants will be awarded in April, while the top 50 in the FedEx Cup this year — that list is finalized after the BMW Championship — would get their grants in April 2027.
The initial $930 million to 193 players are 50% vested after four years, 75% after six years and fully vested after eight years. The annual recurring shares have a cliff vesting of 100% after six years.
The grants awarded to 20-plus players in 2025 were determined based on the last three years of career points, career points earned last season and the Player Impact Program. The latest PIP results have not been released.
That brings the count to more than 213 PGA Tour members who share some $1.3 billion in equity grants.
“As the sports industry continues to evolve and attract significant investment, your ownership in the PGA Tour is becoming an increasingly important part of the conversation,” Rolapp wrote.
“The PGA Tour's player ownership model stands out as a groundbreaking approach — giving you the opportunity to benefit from the PGA Tour’s growth and success in ways that go beyond weekly purse earnings. In short, as the PGA Tour does better, so do you."
He offered no concrete details on a revamped schedule the Future Competition Committee is exploring. Topics under consideration include the potential for what he described as an “iconic start” to the season, exploring more major markets (the tour is not in New York, Chicago or Boston on a regular basis) and enhancing the meritocratic structure.
Rolapp described progress as exploratory with no decisions reached yet.
He also sought to ease any concerns about one of his key pillars — scarcity — which has been interpreted to mean the possibility of fewer tournaments.
“When we talk about scarcity, the goal is to make every event matter more to fans, players and partners — not dramatically reducing the number of total events, playing opportunities or access,” Rolapp wrote. “The Committee is still exploring all options, and our priority is to create a schedule that maximizes engagement and value for everyone involved.”
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