PGA Tour Inc. has been a nonprofit organization since it was formed in 1968, but competition from a deep-pocketed Saudi Arabian-backed golf tour has forced changes to the Ponte Vedra Beach-based organization.
“The PGA Tour has undergone a tremendous amount of change over the last few years, with progress accelerating significantly in the last six months,” PGA Tour Commissioner Jay Monahan said at a March 12 news conference.
The biggest change was a private equity investment announced in January of $1.5 billion initially and up to $3 billion eventually into a new venture called PGA Tour Enterprises.