Stryker Orthopaedics Signs With PGA Tour Honda Classic Draws Big Crowds PGA Tour Radio Takes On New Identity Quicken Could Sponsor Tiger's DC Event Moody's Gives WME IMG B2 Credit Rating Travelers Extends PGA Title Sponsorship Through '24 CDI Net Income Drops 5% In '13 Honda Classic Boasts Strongest Field To Date WGC Match Play Future Still Undetermined Singh's PGA Tour Lawsuit Can Proceed
Upcoming Conferences and Events
PGA TOUR REPORTS NET INCOME UP 17% TO MORE THAN $160M IN '97
Published May 6, 1998
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).