A New Zealand-based bank merchant, Fay Richwite, has underwritten the deal between Woods and PlusFore, a group of Kiwi businessmen. All revenue from international television, gate takings, corporate packages and pre-tournament ticket sales will go to PlusFore.
The New Zealand Open is part of the PGA Tour Austalasian circuit. The signing of Woods was hailed by Wayne Grady, former U.S. tour pro and now chairman of the Australasian tour.
The market will determine whether what these guys have done pays off, Grady said. Its an astronomical amount. But the promoters obviously feel hes worth it. Whether its justified or not will be determined after the event is over.
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