The 2024 tax documents of the PGA Tour were filed this week. $760 million in revenue. Expenses worth $1.2 billion. Assets worth $3.8 billion. You might think that sounds fair, but not Phil Mickelson. Lefty has found a ‘discrepancy’ in asset valuation.

“Assets totaling $3.8 billion but sold to SSG based on a $12.5 billion valuation? 🤔 I wonder where the other $8.7 billion is that was factored in. Just kidding. That was rhetorical; I already know,” wrote Mickelson on X, quoting the alleged mismatch.

Mickelson hinted at a potential valuation mismatch, as after Strategic Sports Group’s investment, the Tour was valued at $12B. It was believed that the $12B valution will only be realized if the PGA Tour and the LIV Golf join hands under the PGA Tour Enterprises. Mickelson also took a subtle dig at PGA Tour commissioner Jay Monahan‘s compensation. He earned $19,227,851 last year. Allocated over total cash and benefits compensation at $15.5 million, $3.8 million was in deferred dollars. While the total is lower than 2023’s $23 million total compensation, the cash and benefits compensation is $1.3 million higher than in 2023.

It should be noted that due to the structural changes in the tour and formation of PGA Tour Enterprises in January of 2024, the tax filing doesn’t give a full picture of the financials. Many areas of the return are not directly comparable to 2023, including revenue. In 2024, the PGA Tour saw a $1.82 billion dip in revenue from 2023. Expenses dropped from 0.71 billion in 2024.

While everything remains speculation at this point, Phil Mickelson has shared strong opinions on that. Not the first time, the oldest major champion questioned the Tour’s leadership.

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Phil Mickelson reveals the PGA Tour’s dubious truth

This is far from the first time the LIV golfer has raised his voice against the PGA Tour’s lack of transparency and financial exploitation. One of the first times he expressed his concern was when he was at a career crossroads, deciding whether to continue on the Tour or join the Saudi league.

He first revealed that Tour controlled and manipulated media rights to earn unethical profits. The golfers do not own their digital content. Moreover, the enterprise refuses to fairly share the media rights revenue. “It’s not public knowledge, all that goes on. But the players don’t have access to their own media,” said Lefty.

“If the tour wanted to end any threat [from Saudi or anywhere else], they could just hand back the media rights to the players,” he continued. “But they would rather throw $25 million here and $40 million there than give back the roughly $20 billion in digital assets they control.”

Now, whether this is what Mickelson was alluding to or if he hinted that the Tour has other dubious sources of revenue and hidden assets is debatable. But what’s not debatable is that Mickelson won’t let Jay Monahan or the PGA Tour off the hook anytime soon.