Golf Equipment Companies Pulling Back On Endorsement Money
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Gamez Feels Recession Is
Going To Change Golf Industry |
The amount of endorsement money available for golfers from equipment companies “isn't exactly drying up, but it's hardly a torrent, as companies of all sizes look to control costs in a recession,” according to Adam Barr of Golf Central. The amount of an endorsement “depends on who you are and where you are in your career.” Golfer Robert Gamez said, “It is going to change the golf industry. … A lot of the club manufacturers are not going to have all the money out there for us.” Barr reports while endorsement deals “might not be way down, agents and manufacturers both report that some players who can get a bird in the hand now are willing to take less money, perhaps 5-10% less than they were paid by the same company last year.” Nickent Golf Tour Rep Josh Trivett: “Players going into '09 are going to see a pretty significant, healthy reduction from retainer payments from (’03-07) versus what it is going to be moving forward.” Agent Jonathan Albrecht indicated that now “may be the time for equipment companies to shop” for new players, as some players may be “willing to accept less money.” However, Golfer Olin Browne said, “I'm sure anyone who shows promise is going to be signed. Companies still have budgets, still are seeking players who are going to represent them well” ("Golf Central," Golf Channel, 12/2).
MORE FISCAL RESPONSIBILITY COMING: CNBC’s Darren Rovell appeared on ESPN’s “First Take” to discuss the economy’s impact on the sports world, and he said Buick ending its sponsorship with golfer Tiger Woods is "the start of more responsibility, more accountability, more return on investment." Rovell: "You can no longer be the CEO of a company and love a handshake and love a signature and that’s going to be enough to justify to your board why you’re paying someone ($1.5M)." He added an NBA rookie will not get a $40-50M shoe contract, as several recent rookies like Thunder F Kevin Durant received, "as long as this economy goes." Rovell: "Right now, those deals are gone” ("First Take," ESPN2, 12/2).
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