Rory McIlroy has finally completed golf's career Grand Slam with a dramatic Masters victory at Augusta National - but his prize money has already taken a hit.
The Northern Irishman triumphed in a nail-biting playoff against Justin Rose on Sunday, securing the coveted Green Jacket that had eluded him for so long.
This historic win comes 11 years after McIlroy's last major success, adding to his previous US Open, PGA Championship, and Open Championship titles.
The 35-year-old's path to victory was anything but straightforward, as he blew a four-shot lead before recovering to force the playoff.
Rory McIlroy is set to immediately lose nearly half of his Masters prize money
Reuters
His stunning second shot on the playoff hole at the 18th sealed his place among golf's true icons.
McIlroy's triumph earned him a record-breaking $4.2 million (£3.3m) from the largest purse in Masters history, totalling $21 million (£16.5m).
However, the champion's celebrations may be slightly tempered by American tax regulations.
Despite living in Florida, where there is no state income tax, McIlroy's winnings are fully subject to US federal taxes.
According to tax expert Paul Barham, Augusta winnings face a 37% federal tax rate, with additional charges bringing the effective rate to 42.39%.
This means nearly $1.8 million (£1.4m) will be deducted from his prize money.
Added on top of that is the fact his caddie Harry Diamond is also owed a sizable 10% slice of McIlroy's prize money after winning the competition, amounting to £330,000 - which will also be taxed.
The Northern Irishman will ultimately take home approximately $2.1 million (£1.6m).
Sport finance expert Professor Rob Wilson explained the situation to OLBG: "While federal and state taxes in the US could see McIlroy lose around 45-50 per cent of his winnings, the symbolic and commercial value of winning The Masters far outweighs the immediate net income loss."
Rory McIlroy finally ended his long wait for the Grand Slam with victory at The Masters
Reuters
Wilson added: "Even after tax, a first-place prize of around 2.7million ($3.6million) would still leave McIlroy with approximately 1.5million ($2million) in take-home earnings."
"More importantly, this victory now completes his career grand slam, unlocking major off-course earnings and further endorsements from the likes of Nike."
"The longer-term commercial upside from sponsors, branding and new markets is far more valuable than the prize cheque itself."
McIlroy's career prize money now exceeds $160 million (£127m), placing him alongside Tiger Woods as one of only two golfers to break the $100 million barrier in PGA Tour earnings.
LATEST SPORT NEWS:
Rory McIlroy has finally claimed the coveted green jacket at Augusta, defeating Justin Rose in a dramatic sudden-death playoff at the MastersREUTERSHis wealth is further enhanced by lucrative endorsement deals with major brands including Nike, TaylorMade, and Omega.
Professor Wilson predicts even greater financial success: "If McIlroy continues playing competitively into his mid-to-late 40s, his on-course earnings should exceed $200m (£151.97m)."
"Off the course, however, endorsement and equity deals could push his total career earnings toward the $800m (£607m) range."
"If he can maintain a level of winning performance, then we could be talking about a $1bn (£759.85m) athlete."
