IMG Set To Break Even On A$20-25 Million Spent On Australian Golf This Year
IMG "is set to break even" on the A$20-25M ($18-23M) "it will spend on Australian golf this year," according to the AUSTRALIAN FINANCIAL REVIEW. As well as the Perth Int'l held in October, IMG "owns the Australian Masters tournament which finished on Sunday and is the promoter of the World Cup of Golf that will take place this week." Royal Melbourne "is the host of both tournaments." IMG Australian Managing Dir Martin Jolly said that "renewed interest in golf from sponsors wanting to be associated with the sport, in particular because of the success of US Masters champion Adam Scott, has been a boost." Jolly: “We’ll make a profit; it is a commercial enterprise for IMG. And the good thing has been we’ve been able to convince a lot of corporates to get into golf.” Among the brands backing IMG tournaments this year are Mercedes-Benz, Rolex, Tag Heuer, American Express and Wolf Blass. IMG "is also able to amortise some of the costs across the Masters and World Cup to boost its financial result." IMG Australia Dir of Golf David Rollo said that "he did not believe the Australian market could support any more tournaments and still be sustainable." Rollo: “You’ll have years when you might get a big tournament coming here, like the World Cup or maybe a major one day. But it’s important to have two to three to four really strong tournaments. It is competitive with other countries and finding dates can be hard” (AUSTRALIAN FINANCIAL REVIEW, 11/18).