The mood -- and financial outlook -- surrounding the PGA Tour Farmers Insurance Open has "brightened significantly" since '09, when a "perfect storm of calamities thrust the annual tournament into a fight for its economic survival," according to a front-page piece by Lori Weisberg of the SAN DIEGO UNION-TRIBUNE. After Buick's exit as title sponsor, organizers secured Farmers just days before the '10 event, but what "isn’t well known was the PGA Tour’s financial rescue," which included a $1.7M loan that is "still being paid off today." Century Club President Brian O'Callaghan, whose group organizes the event, said, "We’re certainly not there yet but we have turned the corner on profitability." Weisberg notes the tourney's operation is "admittedly much more sophisticated today." Century Club has "expanded areas along the course that are designed as much for viewing golf as they are for socializing and post-play partying." Income from luxury tent suites is "way up" and corporate sponsorship dollars have "more than quintupled" since '10. Tournament Dir Peter Ripa said that "ocean-view cabanas, the William Hill Estate winery tent, and the 'Fringe' area off the 15th hole, known for its sports lounge vibe and early evening entertainment, all are part of an effort to appeal to a wider audience." However, the operation’s net assets "remain in negative territory owing to the PGA Tour debt." The event last year needed "approval from the PGA Tour to extend by one year" repayment of the loan after a "bad storm shut down the tournament on Sunday." But the PGA Tour, "while not confirming whether it has made loans to other tournaments, acknowledged that San Diego is not alone in having needed some financial assistance." However, the Tour "appears to be somewhat selective when and where it steps in" (SAN DIEGO UNION-TRIBUNE, 1/25).
