Deutsche Bank CEO scrutinizes PGA Tour purses
Deutsche Bank’s four-year contract with the PGA Tour expires after next season, but the company has an option to pick up two more years.
The PGA Tour will begin negotiating a number of extensions in the coming year.
Every Tour event is signed through 2010 with some through 2012.
Waugh, who met with a small group of reporters Sunday night in the back of the tournament media room, sounded like a man who wants to renegotiate his two-year option, or negotiate better terms in a longer extension. Waugh said he didn’t mean to negotiate through the media, but in openly answering questions about the nature of title sponsorship in these tough economic times, he laid out what he and other companies will be thinking as the PGA Tour seeks to extend existing contracts.
Waugh cited the popularity of “Cash for Clunkers” and discount hotel reservation Web sites as examples of where business is trending.
“I think [the PGA Tour] needs to think about things,” Waugh said. “I would not have raised purses last fall, not because they couldn’t, but because it was the wrong message. Every model of every business is under pressure, and you have to create more value for people, either by doing it cheaper, or by creating more value. People want a deal. They want to feel like they are getting more. They have to think their way through that, having people feel good about the experience, as opposed to being dictated as to what it is.”
PGA Tour commissioner Tim Finchem is scheduled to be at TPC Boston Monday.
Waugh said six months ago he wouldn’t have been optimistic his company would pick up its two-year option or negotiate an extension, but he is now. Still, he believes the Tour has to re-think what it’s selling.
The Deutsche Bank Championship’s purse increased from $7 million to $7.5 million this year with Deutsche Bank’s costs scheduled to go up again under terms of the two-year option.
“Everything in the world costs less now than it did two years ago, it just does,” Waugh said. “I’m not trying to negotiate with you guys, but yeah, if some value can be created in that, we would welcome talking about that.”
Waugh said this year’s tournament is looking like another large success for the company, something that might have been in doubt earlier this year with golf sponsorship under assault by Congress. He said executives who didn’t want to be seen at golf tournaments don’t mind being seen at this week’s tournament.
“We have created a lot of value,” Waugh said. “We took a dead [Labor Day] date, delivered Tiger Woods, delivered a world-class event. I don’t mind paying for that, but I also don’t want to get charged for the value I created.”
Lexi (wrist) WDs from Diamond Resorts Invitational
Lexi Thompson on Friday withdrew from the Diamond Resorts Invitational, citing inflammation in her wrist. Thompson, who teamed with Tony Finau to finish tied for fourth place in last week's QBE Shootout, said she is under strict doctor's order not to hit golf balls until mid-January.
The Diamond Resorts Invitational is scheduled Jan. 12-14 at Tranquilo Golf Club in Orlando, Fla. The field for te 54-hole event includes LPGA and PGA Tour Champions players, as well as celebrities from the worlds or sports and entertainment.
Rose leads Indonesian Masters; Snedeker WDs
JAKARTA, Indonesia - Justin Rose completed the final two holes of his second round early Saturday for a 3-under 69 and a one-stroke lead at the Indonesian Masters.
Rose, who had a first-round 62, was among a quarter of the field forced off the Royale Jakarta Golf Club course after weather delays on Friday.
The Englishman, who bogeyed his last hole, had a two-round total of 13-under 131.
Kiradech Aphibarnrat, who completed his 64 on Friday, was in second place.
Brandt Snedeker withdrew with apparent heat exhaustion on Friday on the 11th hole of the second round. Ranked 51st in the world, he flew to Jakarta looking to move inside the top 50 by the end of the year and ensure a spot in next year's Masters. He has been affected by a rib-sternum injury for most of the season.
Newsmaker of the Year: No. 2, Donald Trump
Even away from the White House, President Donald Trump generated plenty of headlines this year.
Trump’s first year in office didn’t dim his enthusiasm for the game, as he made splashy appearances at two big events, tweeted about golf to his more than 44 million followers, teed it up with some of the sport’s biggest stars, including Tiger Woods, Rory McIlroy and Lexi Thompson, and fired a few eyebrow-raising scores. Logging more than 75 rounds since his inauguration, the 3-handicap has only bolstered his reputation as the best golfing president, particularly after his alleged 73 with Sen. Lindsey Graham.
None of his appearances created a bigger stir than when he attended the U.S. Women’s Open. Despite protests and calls for the USGA to move its premier women’s event from Trump Bedminster – the president reportedly threatened to sue – his weekend there went off without incident, as Trump watched the action and hosted players in his private box near the 15th green.
Despite his controversial rhetoric on a variety of national issues, Trump has remained a staunch supporter of women’s golf, and he became the first sitting president to attend the U.S. Women’s Open.
An honorary chairman of the Presidents Cup, Trump also flew to Liberty National for the biennial team event, where he presented the trophy to the U.S. team and dedicated the victory to the hurricane victims in Texas, Florida and Puerto Rico.
In late November, amid tweets about the national anthem, Turkey, Egypt and Time Magazine, Trump announced that he was playing a round in South Florida with Woods and world No. 1 Dustin Johnson.
Yes, that too became a headline, just like everything else Trump did in 2017.
Playing with the pros
Tiger, DJ and Faxon
President at the Presidents Cup
Purported round of 73 with Lindsey Graham
Cart on the green
Presence and protests at U.S. Women's Open
Trump golf properties
Reportedly fake TIME covers
Trump apologizes for voter-fraud story
Pros comment on the president
Newsmakers of the Year: Top 10 in 2017
GolfChannel.com is counting down the top 10 Newsmakers of the Year as voted on by Golf Channel’s writers, editors, reporters and producers. Check out the list below, including future release dates. And click here for the full collection of articles.
No. 1: Dec. 18