PGA of America reports $43M increase in revenue amid reports of drop in golf interest

Amid the talks of golf interest going down, the PGA of America has reported a profitable year. The organization recorded a $43 million increase in revenue for the fiscal year ending March 31 last year.

As per Sports Business Journal, the PGA's total revenue was over $172 million, which is $43 million or 33% more than in the 2022-23 fiscal year. This is the second-highest revenue the PGA has recorded since 2010. The highest was over $192 million in 2021-22, which was also the last time the US hosted the Ryder Cup.

There has been a significant increase in investment income, which reached $20.5 million, up $15 million from the previous fiscal year. The program service revenue also saw a jump of almost $27 million, reaching $149 million.

Out of this, the PGA of America made $134 million from tournament revenue, including earnings from the 2023 Ryder Cup, which was a 22% increase from $109 million in 2022-23. However, in the 2021-22 cycle, when the Ryder Cup was hosted in the US, the PGA had recorded $143 million in revenue.

By the end of the 2023-24 fiscal year, the PGA's total assets stood at $451 million, which is $44 million more than at the start of the year. On the other hand, expenses were $185 million, marking a 25% increase from the previous year.

Seth Waugh, who recently stepped down as PGA CEO, received $3.8 million in compensation in the latest filing, $600,000 more than the previous year.

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PGA of America appoints Derek Sprague as new CEO

Last December, former PGA of America President Derek Sprague was announced as the new CEO, replacing Seth Waugh. For those unfamiliar, Waugh had earlier expressed his desire to step down from the position.

Waugh's tenure saw several landmark moments in golf, including the PGA headquarters moving from Florida to Frisco and the Ryder Cup becoming a huge commercial success. His time also witnessed the LIV Golf-PGA Tour tussle and US players receiving money for Ryder Cup participation.

Sprague served as PGA President from 2014-16 and played a significant role in the PGA Junior League and the Ryder Cup Task Force. With recent developments in the PGA Tour and PIF negotiations, he will have plenty to focus on during his tenure. He will also look forward to the 2025 Ryder Cup, which returns to the US and will be played at Bethpage later this year.