Earlier this week, Bloomberg News reported that Saudi Arabia's Public Investment Fund, owner of the upstart LIV Golf, is nearing a deal to acquire a roughly 6% stake in the Professional Golfers' Association's commercial arm, PGA Tour Enterprises. Many fans will find it difficult to accept the two organizations coming together because it will require lovers of the sport to move on from a clash that was often about Saudi Arabia's abysmal human rights record, not golf.
The PGA Tour as we know it today was established in 1968 and has grown into a commercial juggernaut. In 2023, for example, it reported $1.82 billion in revenue, much of which was derived from multi-billion dollar media rights deals. The money enriches golfers, especially the top ones. That year, Rory McIlroy earned $24.9 million in PGA-related compensation. It makes for a great payday. But McIlroy shouldn't be completely happy with it, either.
Unlike an NBA player, he isn't a salaried employee. Instead, he and other PGA Tour athletes are independent contractors who are only compensated if they make the cut at a tournament (finish in the top 65 golfers). And even then, their pay is determined by how high they finish.
Diese Geschichte stammt aus der December 16, 2024-Ausgabe von Financial Express Kolkata.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der December 16, 2024-Ausgabe von Financial Express Kolkata.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Markets slump over 1%
● Investors' wealth down ₹4.92 lakh cr
EPFO weighs higher equity investments
● Labour ministry panel to look at ways to raise exposure
Indian firms turn to euro, yen swaps to trim borrowing cost
INDIAN FIRMS ARE opting for cross-currency swaps to convert part of their debt into the euro or the Japanese yen in order to trim borrowing costs, said bankers.
IIT-Madras to offer fine arts, culture courses
IN A FIRST for Indian Institutes of Technology (IITs), IIT-Madras on Tuesday said it would offer two supernumerary seats in each undergraduate programme to students who have achieved excellence in fine arts and culture, starting from the upcoming academic session.
Not even 2% work-linked higher education courses yet: Report
EVEN AS ASSORTED government schemes are a national skill mission aiming to make India's workforce more employable, the latest TeamLease EdTech survey has revealed that barely 2% of the higher education institutions (HEIs) in the country are offering degrees that are work-linked.
The world's busiest airline routes in 2024 are largely in Asia
● Leisure continues to outshine corporate trips
Indian firms use euro, yen swaps
ECB president Christine Lagarde hinted at a bigger 50 basis point rate cut to buffer the euro zone economy
SME IPOs fetch rich returns in Dec
THE SME IPO market continues to see heightened interest and is delivering multibagger returns despite being under the lens of the markets regulator.
EPFO weighs higher equity investments
IN FY23, the interest rate was fixed at 8.15% and 8.10% in FY22.
KYC masking to go live on Jan 20
IN A MOVE that provides relief to financial institutions, the Central KYC Records Registry has extended the deadline for masking Know Your Customer (KYC) documents to January 20 next year.
