Rupee Slump Costs India Only European Tour Golf Tournament
A currency slump and slowing economy "have cost India its biggest golf tournament after sponsors pulled out of the country's only European Tour event on Thursday," according to Amlan Chakraborty of REUTERS. The Avantha Group, which sponsored the first four years of the tournament, said that "it would have required a substantial hike in prize money, apart from a right slot in the European Tour calendar, to attract top talents for the 2014 and subsequent editions." India "is currently grappling with an economic crisis with the local currency having fallen 20 percent against the U.S. dollar since the end of April." The Avantha Group said that "it was exploring other golf events and formats, prompting the Professional Golf Tour of India to look for other sponsors" (REUTERS, 9/5).