Recession proof Golf
While golf has long been perceived as recession proof, a few involved in the sport are discovering otherwise. The L.P.G.A. is brought together in this realization by those who make golf clubs and golf balls, retailers who sell them and even instructors of the game. At present, top PGA Tour officials state they have a full schedule and expect to make no cuts in prize money next year. Even if a bankrupt sponsor were pressured to pull out in 2009, the PGA Tour has a large following of sponsors who would jump at the idea of sponsoring a golf tournaments.
The big question is whether this is in fact another cycle," the PGA Tour’s commissioner, Tim Finchem, said in an interview. "If the answer is yes, then it’s really a challenge of getting through the down part of the cycle, which we have done before. We are a conservative organization from a fiscal standpoint. We budget carefully, we build reserves against contingencies, and we think we’re reasonably well prepared."
The L.P.G.A., which has been attempting to construct a firmer financial base, has increased purses for the past 3 years and will keep up its average purse per event at approximately $1.8 million. They are major concerns now is sponsorship renewal and negotiating expanded TV contracts for 2010. The Sports Business Daily rumored this week that only five of the twenty-four events scheduled in the U.S. and Canada had contracts with title sponsors beyond next year. The L.P.G.A. will be cut down 2 to 3 tournaments next year and four million to five million in prize money, said Carolyn Bivens, the tour’s commissioner.
The newspaper headline for the Golf schedule would say, is that no renewal, no partner, no sponsor, no contract. She said in an interview. That stands for us and for just about every other sports organization
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