NFLNBANHLMLBWNBASoccerTennis
Featured Video
CAITLIN CLARK GAME-WINNER ๐Ÿ”ฅ

“Golf's Credit Crunch” Causing Agents to Lose Cash, Sleep

Darren HeitnerOct 7, 2008

Rapidly vanishing lines of credit are not only taking their toll on inflated asset prices and the global financial markets in general, but also in the willingness of companies to not only underwrite sporting events, but also to market their brands through athletes. During financial stress, marketing budgets are historically one of the first to get slashed, and this current slowdown is no exception. One of the sports which will be hit the hardest in the coming months and year(s) will be golf. Sports Business Journal (SBJ) reported several weeks ago, for instance, that โ€œgolf is unusually dependent on revenue from the financial category, with about 25 percent of network ad time coming from that area. Plus, nearly one-third of all events sanctioned by the PGA Tour are sponsored by banks, investment firms, credit card distributors or financial consultancies, putting golf at the biggest risk from the crisis.โ€

From a player agentโ€™s perspective, this crisis will be most visible in terms of endorsements. SBJโ€™s latest piece on the matter, โ€Golf endorsements pinched by economy,โ€ highlights the dour sentiments of several of the gameโ€™s most prominent player managers:

TOP NEWS

Nelly Korda wins US Women's Open

Women's golf in Pacific Palisades, CA

Korda Reacts To Final Putt ๐Ÿ˜…

B/R

Mike Brown Calls Out Refs ๐Ÿ˜ 

Andrew Witlieb of Goal Marketing (Jim Furyk): โ€œIโ€™ve been doing this for 15 or 16 years, and this is the worst year yet. You look next year: youโ€™ll see the fewest new deals youโ€™ll ever see.โ€

Mac Barnhardt of Crown Sports Management (Davis Love III, Boo Weekley): โ€œDollars are coming down a little bit. I think youโ€™re going to have to get more regional and more creative (with prospective endorsement deals). I think itโ€™s going to get tough.โ€

John Mascatello of SFX Golf (John Daly): โ€œGetting the long-term commitments will be tricky, because there is some instability right now.โ€

Andrew โ€œChubbyโ€ Chandler of ISM (Lee Westwood) : โ€œThe knock-on affect of American banks is hitting everywhere.โ€

Chandlerโ€™s quote, which is part of a sit-down of sorts that can be seen on video at CNN, makes the point as well that the โ€œglobalโ€ slowdown has had a seemingly less drastic effect on Middle Eastern and Asian economies.

This is one reason why many U.S. players are allegedly thinking about โ€œjumping ship,โ€ so to speak, over to the European Tour next year, at least in a limited capacity, in an effort to diversify the reach of their brand, as well as to play courses with a more player (and fan?) friendly setup (i.e. less penal rough).

Among those committed to more events overseas include Vijay Singh and Robert Allenby of IMG, although rumor has it that Phil Mickelson (repped by Steve Loy, President of Gaylord Sports) is seriously mulling the prospect over, as is Camilo Villegas, who shares an agent at IMG with Sergio Garcia.

For that matter, expect to see the latest IMG acquisition, Anthony Kim, explore more options internationally.

โ€œYouโ€™d be stupid not to join [the European tour],โ€ said Allenby. โ€œSome tournaments over [in the U.S.] get a bit monotonous, with the thick rough. I miss the fairway by two feet and Iโ€™m screwed. My body hasnโ€™t been handling it very well, particularly my tennis elbow. The other thing is to freshen my mind up.โ€

Moreover, The Guardianโ€™s Lawrence Donnegan opined that the U.S.-based credit crunch may also play a role in playersโ€™ scheduling:

"

โ€œWith the credit crunch affecting many American financial institutions, the long-term prospects for sponsorship of golf in the US are gloomy, in stark contrast to the opportunities enjoyed by the European tour. The latter has a long tradition of staging events in the Middle East and Asia, where next year will see the start of the European tourโ€™s โ€œRoad to Dubaiโ€ series which culminates in an end-of-season tournament in the Emirates where the players will be competing for a $20m prize fund, the biggest in the history of the game.โ€

"
CAITLIN CLARK GAME-WINNER ๐Ÿ”ฅ

TOP NEWS

Nelly Korda wins US Women's Open

Women's golf in Pacific Palisades, CA

Korda Reacts To Final Putt ๐Ÿ˜…

B/R

Mike Brown Calls Out Refs ๐Ÿ˜ 

New York Knicks v Cleveland Cavaliers - Game Four

Knicks' celebrity row was star-studded for Finals Game 3

Spurs Get Over Knicks in Game 3

Wemby Jokes About Villain Role
Bleacher Reportโ€ข6h

Wemby Jokes About Villain Role

Spurs star knows Trae Young still holds that crown at MSG ๐Ÿ“ธ

TRENDING ON B/R