Golfers Feel PGA Tour Is Able To Withstand Economic Downturn
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Faxon Feels PGA Tour Will Be
Able To Weather Economic Struggles |
Several PGA Tour members last week "admitted to the same economic jitters everyone is feeling ... and expressed concern about future endorsement deals," but they also "voiced confidence in their product and praised the way the PGA Tour prepared for tough times," according to a cover story by Ron Sirak of GOLF WORLD. Most players "believe the tour is reasonably well positioned in extremely unsettled times," as the majority of events are under long-term contracts and there is a "well-funded war chest in reserve if a sponsor or two goes belly-up." Golfer Brad Faxon said the Tour is "not going to go unscathed" from the current situation, but added it is "well positioned." Faxon: "We have contracts, and we have a strong product." Sirak notes the tour "also has another secret weapon -- cash in reserve for potential emergencies." PGA Tour player Davis Love III noted PGA Tour Commissioner Tim Finchem "always said we had to have a war chest for disasters. If one or two events run into trouble, we have the money." However, many players "will feel the pinch in endorsement contracts." Agent Rocky Hambric said that "some equipment companies are cutting back as much as 25[%] in deals involving non-superstars, but predicts the big names will still draw top dollar." Hambric: "In the corporate world (beyond golf manufacturers) we have seen some reluctance, but not as much as I expected. The companies who have been long-term supporters of deals with individuals don't seem to be abandoning that philosophy." Despite all that, Sirak notes the "past performance of the tour ... are reasons for optimism." PGA Tour Exec VP/Communications & Int’l Relations Ty Votaw: "The PGA Tour has come through other recessions and tough times in as good a shape, if not better, than before. The best companies know that, especially in bad times, they always have to market, sell and entertain customers" (GOLF WORLD, 11/7 issue).
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