GFC Search

 

LPGA cost cutting revealed

RSS

SportsBusiness Journal’s Jon Show reported in the latest edition that the LPGA “shed nearly $1 million from its payroll in the last year as a result of layoffs and staff turnover, including the loss of its deputy commissioner and two high-ranking executives.”

Show reported the savings do not include compensation tied to commissioner Carolyn Bivens, who was forced out in July. He reported LPGA tax records show she was paid $824,345 in salary, bonuses and benefits in 2008, up from $522,000 in '07.

The magazine also reported the “LPGA posted a $4 million profit on $96 million in revenue in 2008, up from a profit of $817,000 on $80 million in revenue the prior year. The LPGA said the increases were primarily due to growth in the number of tournaments from 31 to 34 and the acquisition of the Duramed Futures Tour, which it bought for $2.3 million in 2007.”