WITH TIGER Woods overshadowing the sports world like a colossus, the PGA Tour has so far managed to provide fairly robust resistance to the global economic downturn.
Although neither Woods nor the lucrative US circuit have been totally immune to financial woe, both appear to be in surprisingly good health.
Woods won six times in 17 events on the 2009 Tour and ended his campaign with earnings of €7,200,063.
Although disappointed he failed to add to his career tally of 14 majors, the world number one also clinched the season-long points race for the FedExCup along with a bonus of €7 million.
The US circuit was fully sponsored for 2009 and although the troubled Detroit automaker Buick has withdrawn two title sponsorships for next year, one of those events has already been replaced.
Commissioner Tim Finchem predicts that perhaps two more sponsors could disappear before the end of 2010 but, overall, he believes the Tour is in a “comparatively quite good” situation amid the economic downturn.
“The good news is we’ve had a lot of good extensions well out into the future,” Finchem said at last week’s Tour Championship. “I think we’re going to have some . . . additional new sponsors over the next two or three years.
“I’d characterise the situation as good, maybe even comparatively quite good, when you look at other enterprises. But certainly we have our challenges ahead of us.”
Earlier this week two news stories emerged on the same day, one highlighting the power of the Tiger factor and the other proving that golf cannot afford to be complacent. On the golf front the Tour announced Verizon Heritage would not renew its title sponsorship of the Heritage Classic in Hilton Head, South Carolina after the 2010 edition.
Within hours of that announcement Forbes Magazine reported Woods had become the first person in sport to earn more than $1 billion (€684,744 million).
For many people Woods is golf and he has almost single-handedly ushered in an era of multi-million dollar endorsements and lucrative appearance money since turning professional in 1996.
“He’s the best draw out there,” Robert Boland, professor of sports management at New York University, said. “If you’re a sponsor of an event, generally what will happen is you’ll cut your overall spend, you’ll cut your spend in the middle, but you’ll keep your best value deal out there.
“For a lot of people that best value deal probably is the PGA (Tour) and the event that Tiger is in. There’s always been some discrimination in favour of events Tiger plays.”
When Woods competes the television ratings soar along with an abundance of advertising dollars.
Vaughn Taylor, looking for his third career win this week at the Turning Stone Resort Championship, added a second round 67 for a one-shot halfway lead in Verona, New York yesterday.
Four birdies in five holes from the eight set him on his way to a 10-under-par total of 134.
One stroke off the pace was Nicholas Thompson, who also shot 67 with Scott Piercy, after a 66, and Fredrik Jacobson (67) on 136.
Joint overnight leader Tim Petrovic added a 71 and is three shots back on 137.
