Posted on 06/09/2022 6:52:09 PM PDT by KierkegaardMAN
A full-scale battle has erupted between an upstart Saudi-funded golf series and the PGA Tour, potentially throwing the future business of golf into question.
Why it matters: Major broadcast networks have invested over $6 billion for the rights to air PGA Tour events through 2030, with additional commitments coming from corporate sponsors for players, the tour and its individual events.
But the newly formed LIV Golf series is luring top players with massive appearance fees and weekly purses, forcing the PGA Tour to fight to retain talent — and putting players, sponsors and fans in conflict given the Saudi kingdom's poor human rights record. While tension has been brewing for months, the PGA Tour today suspended 17 golfers who participated in LIV Golf's inaugural event this morning in the U.K., citing their failure to secure required conflicting-event and media rights releases.
The suspensions include some of the world's top players and those drawing the kind of fan interest that fuels the money pouring into the PGA Tour itself. Details: Phil Mickelson, Dustin Johnson, Sergio Garcia, Ian Poulter and Lee Westwood top the list of golfers "suspended or otherwise no longer eligible to participate in PGA TOUR tournament play," the PGA Tour wrote today in a memo to its members.
The organization was vague on whether and when they could return. Yes, but: The names of players who have not left the PGA Tour are, at this point, equally notable. They include Tiger Woods, still the game's biggest draw, who's popularity changed the economics of golf immeasurably over the last two decades.
(Excerpt) Read more at axios.com ...
they went WOKE for pulling the PGA championship from Bedminister
nearly all PGA Sponsors do business in Saudi Arabia. The “blood money” argument isn’t gonna work.....
Basically, the PGA is going to have to increase the purses of their tournaments and enact some type of guarantees players make something even when they miss the cut.
You raise a good point. Let's say the PGA would offer $5K for a missed cut. That is about $15M-$20M a year. That is chicken feed....
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