Golf’s golden years just got a lot grayer ahead of Tiger Woods‘ imminent arrival on the PGA Tour Champions.
The over 50s PGA Tour Champions has just cut its player pension by 20%, dropping from $10 million last year to $8 million, according to Golfweek.
The move has left a number of PGA Tour greats fuming, less than three months before Woods becomes eligible to join the circuit.
“It’s disheartening,” veteran Peter Jacobsen, who doubles as a TV commentator, told Golfweek. “The PGA Tour is flush with cash, throwing money at keeping players from going to LIV, and meanwhile, we’re getting crumbs. The Champions Tour is becoming LIV-lite. Too much money is going to too few, and the rest of us are left scrambling.”
A PGA Tour spokesman has confirmed the pension cut.
Sources say it’s part of a broader belt-tightening — hundreds of full-time staff were offered voluntary early retirement — rather than a hit to the senior Tour’s finances.
The real driver? The PGA Tour’s shift to a for-profit model launched in 2024, keeping private equity partner Strategic Sports Group (SSG) happy. SSG invested $1.5 billion and could put in up to $3 billion, seeking a tidy return.
“The venture capitalists want profits. They cut costs, trim the fat, and make it look better on paper,” said Tom Pernice Jr., six-time Champions Tour winner. “When you’re chasing profits with investors, things change. Any business guy will tell you that.”
Furyk
New PGA Tour CEO Brian Rolapp, who took over in July, made his first Champions Tour visit last week at the Constellation Furyk & Friends in Florida. But for players, his arrival is more threat than reassurance.
“This guy’s like Keyser Soze from ‘The Usual Suspects,’” said Billy Andrade, referencing the shadowy crime lord. “He’s just slashing stuff. Everyone’s taking a pay cut except PGA Tour stars. Our pension should be $20–$25 million by now, not dropping from $10 to $8 million.”
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Some veterans, like Jim Furyk, urge patience, saying Rolapp’s full strategy has yet to roll out. Change makes players nervous, but the senior circuit still boasts roughly $70 million in annual prize money and continues to attract sponsors in smaller markets.
The Champions Tour pension, dating back to 1985, was meant to reward longevity, with players earning credits for finishing in the top 48 and playing at least 12 events a season. Though suspended during COVID-19, it has been a supplemental perk for many pros, historically subsidized by the PGA Tour. Cutting $2 million may please accountants and help the Tour push toward profitability, but for the players who rely on it, the cut feels personal.
With 28 events this season, the Champions Tour is far from over. But for some veterans, the security of their twilight years is slipping through their fingers — and the PGA Tour’s new business model is putting profits over people.