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Financial Meltdown Impacting Sports
Posted by schoenke (3202 days ago)
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The IRL just lost its race in Detroit: The AFL has decided to shut down for 2009 and probably beyond. and the NFL - perhaps the two most profitable businesses of their types - are laying off workers. Teams are merging in NASCAR due to lack of funding. Sponsors are pulling out of F-1.

Will it be long before we see events on the PGA Tour (Buick Open) and NASCAR go bust? I think for the individual sports this has a big impact on fantasy in 2009

***Blog was Edited on 12/19/2008 10:11 AM PT***

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ZEPHYR commented 3202 days ago
Concerning golf...The securities market 35% decline didn't spare the portfolios of PGA Tour players, and those on the European Tour are going through the same thing. I expect more players will show up at more events as a result.

Galleries are going to be thinner in 2009. The Masters just pushed the badge tab to $250 - they will definitely sell out, but other events will suffer.

Pro-Ams are really going to be under pressure. The ranks of those who have been paying $2,500 - $5,000 - $7,500 to play with the pros will thin out, and quick. The Pro-Ams are vital to the events' financial success. Backing down the tab might be distasteful, but necessary.

Corporate participation beyond the title sponsor will shrink.

Advertisers on televised PGA Tour events will cancel ads.
Local TV stations will have trouble selling spots or see cutting back the number of spots.

A General Motors' spokesman said GM will continue to sponsor the Buick events - that was said when they announced the break with Tiger Woods and also before the CEOs got spanked in Washington for the display of irrational affluence, aka corporate jet travel.

GM will drop the sponsorship of golf to avoid the guaranteed nation-wide blast of negative publicity. If they don't drop the sponsorship of the west coast Buick event, February 5, 2009, they will be back in the bulls-eye when in March they are scheduled to be reviewed by Congress for more money. If GM still sponsors the Buick, Barney Frank and/or Chris Dodd will ask Wagoner how much did it cost to be the title sponsor of the Buick Invitational and Wagoner will wish he never heard the word g-o-l-f.
ZEPHYR commented 3171 days ago
This week's PGA Tour stop, January 22-25, is the Bob Hope Classic, formerly the Bob Hope Chrysler Classic. That Chrysler is no longer a sponsor certainly is not breaking news, but current sponsors now might find it easier to opt out now that a prominent name has done so.

Chrysler will be returning to Washington very soon to again report on their financial situation. They will point to this action as an example of cutting out non-essentials. Also, the politicians will have one less target at which to shoot.
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