The two largest men’s golf arenas in the world have just announced the formation of a strategic alliance to develop this sport in a new situation.
“We are pleased to announce a new step forward in strengthening our partnership with the European Tour. The two sides will work side by side for the benefit of professional golf for men and fans around the world”, joint statement on November 27 quoted Special Envoy Jay Monahan of PGA Tour. Mr. Monahan will be a member of the Senior Executive Committee of the European Tour.
This landmark agreement opens up a comprehensive partnership to exploit golf promotion opportunities, including global media copyrights. Initially, PGA Tour became a small shareholder in European Tour Productions – a member unit that produces and distributes content for international markets. Next, the two sides will offer a common schedule, bonus funds and competition opportunities for golfer members each side. It is likely that the “bilateral program” will enter the September-November framework.
Prior to the epidemic, PGA Tour announced a $ 7 billion 9-year media contract, effective from 2022. They are implementing a 12-year agreement with Discovery – the host of the channel. Golf TV also the “main contractor” of the European Tour license. This arena is better than PGA Tour in terms of number of international stages. Even so, the bold PGA Tour attracts the best golfers in Europe. Currently, the US arena has 37 former continental members. Top 75 world rankings have 20 European golfers, of which four are not part of the PGA Tour.
“This is an official statement of the relationship between the two arenas in recent years. This year, Jay and I collaborated with representatives from the traditional major quartet with the LPGA Tour to reshape the top golf schedule. in 2020 with unprecedented volatility. Through that, we shared our challenges and realized the momentum of mutual assistance and led to the historic declaration today, “said European Special Envoy Keith Pelley Tour explains the formation of strategic alliances with the PGA Tour.
The cooperation between the two sides also ended the possibility of the European Tour teaming up with a professional organization to form the financially backed Premier Golf League (PGL) from Saudi Arabia. The new arena was supposed to compete directly with the PGA Tour, but it was the salvation of the European Tour in a difficult time. Over the past year, PGL has approached and enlist the support of the top stars in the US and Europe with attractive offers, including bonuses. Rory McIlroy, Jon Rahm and Brooks Koepka declined to participate.
And in fact, Raine Capital – the PGL promoter – met with the European Tour.
“Raine Capital has presented attractive offers to take the European Tour to the next level. But it is against its own vision and direction. In the end, we affirm that working closely with the PGA Tour is the optimal choice for the members like world golf, ”said Pelley.
The head of the European Tour also asserted that the handshake with American partners was not due to the difficult financial situation. “If it’s for the money, we can do it. It is worth getting the investment through strategic alliances. The reality is that we are not in financial trouble. stable and strongly backed by private partner network Since July, we have deployed 23 awards, of which 15 events have to be redone, and at the same time an additional three million euros for the Covid test -19. How can that be possible if the finances are not stable, “Pelley said.
Since rematch, the average European Tour event pool, excluding the Rolex Series, is up to one million euros. Meanwhile, each PGA Tour leg at least six million USD.
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