PGA Tour Offers Cash Advances To Players Ranked 1- 150 In FedEx Cup Rankings | Golf news and tour information
Amid the ongoing hiatus due to the coronavirus pandemic, the PGA Tour has informed its members that players currently ranked 1-150 in the FedEx Cup rankings are eligible to receive a cash advance.
In an email obtained by Golf Digest, the Tour described the unique policy. Players can take up to 50% of their scheduled FedEx Cup bonus, depending on their position in the Ranking March 8—Up to $ 100,000. This cap will affect players ranked 1 through 31 in the current leaderboard, with the 31st place player last year receiving $ 200,000. Sungjae Im, currently leading the points race and therefore on track to receive the top prize of $ 15 million, could only receive $ 100,000, not $ 7.5 million.
Anything a player chooses to receive in advance will then be deducted from their deferred allowance. If a player’s FedEx Cup bonus at the end of the season is less than what they received in the advance, 50 percent of future winnings will be withheld until the advance is fully refunded.
For a concrete example: last year, the 60th FedEx Cup finalist received a bonus of $ 151,000. Under the new policy, the currently ranked 60th player would be eligible to receive up to $ 75,500 in cash advance. Let’s say the player chooses to receive the full $ 75,500 and then ends up finishing 150th in the leaderboard at the end of the Tour Championship, whenever it can be. Last year, the 150th place finisher received a bonus of $ 70,000. Thus, the player will owe the Round $ 5,500, and this money will be deducted from future paychecks.
In a statement, a PGA Tour official said: “From the start we have been committed to listening and meeting the needs of our players in this unprecedented time when events are canceled and our members’ ability to compete. in the field. —Their livelihoods — are on hold. With the support of our Steering Committee and Player Advisory Board, we are pleased to have found a creative solution to advance payments to players for current and future performance and / or service, which is in line with the business model. . “
Caddies were discussed in the memo, according to Golf Channel. The tour supports a partial mid-season distribution of an approval program specifically for caddies, and they will be able to make financial requests to the Caddy Benevolent Fund.
The tour’s efforts are apparently designed to ease the financial pressures stemming from the cancellation of much of the season due to the pandemic. The PGA Tour also communicated in the email that it still intends to resume its season with the Charles Schwab Challenge, which is set to begin on May 21 at Colonial Country Club in Fort Worth.
It should be noted that renowned golf events scheduled long after Charles Schwab will likely be postponed.sources told Golf Digest that the US Open, which will be held June 18-21 at the Winged Foot Country Club in Mamaroneck, NY, will likely be postponed and the R&A is seriously considering postponing the Open Championship, scheduled for July 16 at Royal St. George’s .