OK, enough is enough. I can agree that there have been times previously where there has been gross overzealousness of executives spending a lot of stockholders and now government money on exuberant golf outings, but I have to agree that the intent of these companies who sponsor professional golf tournaments is to building business relationships which invigorate a very fragile golf economy.
It is that simple and it is a measurable function if the government wants to put restrictions on where those funds are spent. This report from today’s Online Wall Street Journal on Congress hammering Northern Trust and now Morgan Stanley the allegations they are spending TARP funds on the PGA Golf Tournaments they are Title Sponsor of really should be revisited.
Even if there were some TARP funds spent for these events I doubt that there is much being spent lining other executives pockets, especially with all of the unemployed and now freelance investigative reporters running loose. Those funds the title sponsors spend on PGA and LPGA events go to paying Vendors, Caterers, the gaff crews that set up the sponsor booths, the valet parking people and all of the service staff at the multitude of facilities these events use for an entire week. If those funds were not spent all of those people would be out of a job.
What is the purpose of the TARP funds? Its purpose, as I understand the President telling the country it was to be used for, is to help bail out a failed economy. Even if a portion of the funds was spent for professional golf events it would accomplish its purpose by putting everyday people to work. If Congress wants to restrict the funds then it is easy to do. Let me know how I can help.
For a clueless Congress to point the finger at title sponsors like Northern Trust’s involvement in PGA Tour events, that happen to raise millions for charity, is outrageous.
Bank sponsorship of PGA events was not why the economy is in the ditch. “Banks” making wild-ass bets on worthless mortgage-backed securities created the banking, and resulting, economic meltdown.
Not change I can believe in…
Obviously golf is still viewed as an elitist sport that should only be funded by those whose can afford it. Its value to business has always been overlooked. If cities can underwrite sports stadiums and provide tax benefits to privately owned sports franchises on the rationale that there is an enormous trickle down benefit for the local economy, traditionally valued in the millions, then surely the same reasoning should apply to the benefits of tournaments that not only offer a boost to the local economy but also generate badly needed funds for charity.
Occasionally I’m lucky enough to co-host the golf show Where To Play Golf and we were talking with some one from the San Diego Chamber of Commerce. We asked the question of how much impact does a PGA golf tournament have on the local economy. He stated that the Buick Invitational bring in $20 to $30 million into the San Diego community.
Now if Congress and the President want to stop Northern Trust from helping to generate this much money into the economy then I’m missing the point.
@Kat Tidd – I'm tired of funding new stadiums! Great points made about Golf actually providing money to the local economy of whatever city hosts the event. Maybe if more people looked at this way, it wouldn't be so looked down upon. Maybe if they were reminded they just paid for this brand new sports complex with a 1/2 cent tax increase – AND – the owner still wants you to pay $100 per seat to go this stadium your money helped build – MAYBE – people would get it about Golf.
I get it, and I still haven't played golf in years. 🙂
@Glen Flanagan – It doesn’t make any sense for them to stop a stimulus package they have no business putting out there. As Mr BG already said, they didn’t limit the usage and if Northern Trust deems it to put on a PGA event that as you said generates $20-30 MILLION into the local economy, more power to them!
@Walt Goshert – Exactly, putting money into golf tournaments is NOT why the economy is collapsing. We can start in the mortgage industry as a great example. Them giving out balloon mortgages to people who in no way could afford the house, was in my opinion – probably the tip of the iceberg that started the whole collapse.
Believe me you, I would love to live in some nice loft with a great city view, but don’t have that kind of money to burn, and I wasn’t suckered into getting a balloon loan years ago. So I live in a small house, that needs work done on it all the time!
I guess I need to hit up the http://whynotremodel.com/ crew! 🙂
Rex
Obviously golf is still viewed as an elitist sport that should only be funded by those whose can afford it. Its value to business has always been overlooked. If cities can underwrite sports stadiums and provide tax benefits to privately owned sports franchises on the rationale that there is an enormous trickle down benefit for the local economy, traditionally valued in the millions, then surely the same reasoning should apply to the benefits of tournaments that not only offer a boost to the local economy but also generate badly needed funds for charity.
@Kat Tidd – I’m tired of funding new stadiums! Great points made about Golf actually providing money to the local economy of whatever city hosts the event. Maybe if more people looked at this way, it wouldn’t be so looked down upon. Maybe if they were reminded they just paid for this brand new sports complex with a 1/2 cent tax increase – AND – the owner still wants you to pay $100 per seat to go this stadium your money helped build – MAYBE – people would get it about Golf.
I get it, and I still haven’t played golf in years. 🙂
You have hit another one right on the head…the public (if it really was the public not some bleeding heart org.) outcry over the spending of funds to promote the sponsorship of a PGA Tour event shows how naive or gullible the public opinion can be. The tour commish needs to get out front on this and make it known what the direct economic impact is for the communities, local charities, etc. is for each tournament. If corporate sponsorship goes away everything else does too. It could be argued that each event should share in gov. bailout money because they are in their own way a weekly economic stimulus providing jobs as well as other benefits.
If sponsors drop out because of what it might look like in the public opinion polls it will be the beginning of the end. We need to flood the blogs with this viewpoint.
Dave
You have hit another one right on the head…the public (if it really was the public not some bleeding heart org.) outcry over the spending of funds to promote the sponsorship of a PGA Tour event shows how naive or gullible the public opinion can be. The tour commish needs to get out front on this and make it known what the direct economic impact is for the communities, local charities, etc. is for each tournament. If corporate sponsorship goes away everything else does too. It could be argued that each event should share in gov. bailout money because they are in their own way a weekly economic stimulus providing jobs as well as other benefits.
If sponsors drop out because of what it might look like in the public opinion polls it will be the beginning of the end. We need to flood the blogs with this viewpoint.
Dave
You have hit another one right on the head…the public (if it really was the public not some bleeding heart org.) outcry over the spending of funds to promote the sponsorship of a PGA Tour event shows how naive or gullible the public opinion can be. The tour commish needs to get out front on this and make it known what the direct economic impact is for the communities, local charities, etc. is for each tournament. If corporate sponsorship goes away everything else does too. It could be argued that each event should share in gov. bailout money because they are in their own way a weekly economic stimulus providing jobs as well as other benefits.
If sponsors drop out because of what it might look like in the public opinion polls it will be the beginning of the end. We need to flood the blogs with this viewpoint.
Dave