(Reuters) – The PGA Tour might consider giving up its non-profit status to put itself in a better financial position to battle the big-money Saudi-backed LIV Invitational Series, a move supported by Tiger Woods and Rory McIlroy, said a report in the Fire Pit Collective.
The subject was one of the main talking points at a meeting of the PGA Tour’s top players called and hosted by Woods on Tuesday to discuss the LIV threat and a plan of action.
Part of the that plan was having the PGA Tour renounce its non-profit status which would result in the Tour paying taxes but giving it much more freedom in how it conducts business, including bringing in private investors and equity firms.
According to the Fire Pit Collective both Woods and McIlroy expressed their support for such a move.
At the meeting held in Delaware, where the Wilmington Country Club is hosting the BMW Championship, the players also discussed plans for an 18 tournament series that would feature 60 of the top players playing for $20 million purses.
The PGA Tour has already beefed up purses at many events in response to the LIV Series which is offering $25 million purses.
The plan, according to the Fire Pit Collective, would be a no cut format similar to LIV.
A response to the LIV threat comes with reports the renegade series is about to announce seven new player signings immediately after the FedEx Cup playoffs conclude with the Tour Championship next week in Atlanta.
Australian Cameron Smith as been rumoured to be the biggest name ready to make the jump.
(Reporting by Steve Keating in Toronto, Editing by Chris Reese)
