PGA TOUR REPORTS NET INCOME UP 17% TO MORE THAN $160M IN '97

          In its annual report, the PGA Tour reported total
     revenues of $362.1M, up 14.3% from $316.8M in '96, according
     to Gene Yasuda of GOLFWEEK.  The PGA Tour has projected that
     revenues this year will top $405M.  PGA Tour Exec VP/CFO
     Charlie Zink said that after operating expenses, the Tour
     had a net income of $166.9M, which is an increase of 17.6%
     compared to the $141.9M in '96.  Net income should top $197M
     this year.  Zink said the Tour allocates most of its net
     income to tournament prize money and the players' retirement
     plans.  In '97, the Tour contributed $158.7M to prize money,
     up from $142.1M in '96.  Looking ahead, Zink said, "We
     expect the average purse per event to reach $3 million by
     the year 2000, as opposed to $1.6 million in 1996."  Yasuda
     writes that the Tour's growth "is being fueled primarily by
     television revenues, tournament revenues and its Tournament
     Player Clubs, the Tour-owned golf course facilities."  TV,
     the Tour's largest revenue source, brought in $95.6M in '96
     and $104.4M in '97 (GOLFWEEK, 5/2 issue).