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ECONOMIC IMPACT OF TIGER WOODS ON THE PGA TOUR.   Term Paper ID:30162 Click to get this paper

Essay Subject: Discusses PGA of America, owner of the PGA Tour.... More...

6 Pages / 1350 Words 10 sources, 15 Citations, Format $24.00 Return to List of Papers

Paper Abstract: Discusses PGA of America, owner of the PGA Tour. Effect of Tiger Woods' participation in the tour on PGA financial operations, position and growth. Public appeal of the PGA Tour. Impact on the m arketplace. Conflict between Woods and PGA over marketing rights. Cites revenues since Woods joined tour & his popularity. 1 Chart. Paper Introduction: ECONOMIC IMPACT OF TIGER WOODS ON THE PGA TOUR Introduction This research assesses the economic impact of Tiger Woods on the PGA Tour. The PGA Tour is a separate entity from the PGA (Professional Golfers Association). The PGA Tour is the public operational name of PGA of America. Measuring the Economic Impact of Tiger Woods’ Participation in the PGA Tour on the PGA Tour’s Financial Operations PGA of America, operator of PGA Tour, was founded in 1968, when professional golfers separated from the PGA, which is dominated by golf professionals. Members of the PGA Tour are golfers who play in the tournaments. The formation of the PGA Tour occurred when the PGA Tournament Division broke away from the PGA (“PGA, PGA Tour Not the Same,” 2001). PGA o Text of the Paper: The entire text of the paper is shown below. However, the text is somewhat scrambled. We want to give you as much information as we possibly can about our papers and essays, but we cannot give them away for free. In the text below you will find that while disordered, many of the phrases are essentially intact. From this text you will be able to get a solid sense of the writing style, the concepts addressed, and the sources used in the research paper. (2 1, February 28). From 1996 through 2 1, the purse totalincrease was 16 .5 percent (from $69.1 million in 1996 to $18 million in2 1). Retrieved from the Internet 2 1-1 -14 at: http://www.tigertales.com/1998/2 1/tiger/pga 717.htmlPGA Tour purses. S. The financialimpact of Tiger Woods on the PGA Tour is so powerful that PGA Tourmanagement must settle the dispute to his satisfaction (Ferguson, 2 ). The contracts with ABC, CBS, NBC, ESPN, USA, and the Golf Channeltotal $85 million. Thanks to Tiger's roar, PGA Tour signs record television deal through 2 7. (2 1, July 16). If ticket sales and otherrevenue sources do not generate the guaranteed amount, local sponsors makeup the difference (Yasuda, 1998). PGA of America. PGA Tour annual report reveals steady growth. As Tiger Woods joined the PGA Tour in 1996, measuring the economicimpact of his participation in the PGA Tour on the financial operations ofthe PGA Tour requires the comparison of PGA Tour financial data before andafter 1996. Retrieved from the Internet 2 1-1 -14 at: http:// www.pgatour.comTiger Woods could be first $1 billion athlete, (2 1, June 25). PGA of America also owns the PGA European Tour (Yasuda, 1998).This focus of this research is the PGA Tour. Associated Press. The PGA Tour is the public operational name of PGA ofAmerica. Conclusion There is no question that PGA Tour revenues increased dramaticallyafter Tiger Woods joined the PGA Tour. |3.7 ||Source: "PGA Tour Purses," 2 1 | ReferencesBrand in demand. (2 1). Without question, PGA Tour purse values increased from 199 to 2 1.Further, the most dramatic increase in PGA Tour purse values for the PGATour occurred after Tiger Woods joined the PGA Tour. (1998, May 2). (2 , November 1 ). Further, licenses and marketing are growing in importanceas revenue sources for the PGA Tour. PGA Tour revenue generation, however, does not dependdirectly on tournament ticket sales because local tournament sponsors must(by contract with the PGA Tour) guarantee payment to the PGA Tour of anamount equal to one-half of the value of the tournament prize money.Ticket sales generate most of this revenue. The formation of the PGA Tour occurred when the PGATournament Division broke away from the PGA ("PGA, PGA Tour Not the Same,"2 1). Total revenues increased to $362.1 millionin 1997 and to $4 5 million in 1998 (Yasuda, 1998). Abilene Reporter-News. Retrieved from the Internet 2 1-1 -14 at: http://www.msnbc.com/2 1/tiger/pga 625.htmlYasuda, G. The $85 million contract total for 2 3-2 6 is 45percent higher than the 1999-2 2 contracts ("PGA Secures $85 Million TVDeal," 2 1). |2.1 ||1999 |47 |131.7 |2.8 ||2 |49 |157. Sarasota Herald Tribune, F4.PGA secures $85 million TV deal. Retrieved from the Internet 2 1-1 -14 at: http://www.tigertales.comJohnson, R. The new television package should assure a substantial increase inannual growth in total PGA Tour revenues for 2 3 through 2 6 (Fatsis,2 1). The PGA Tourpurse total in 2 1 is $18 million ("Tiger Woods Could Be First $1 BillionAthlete," 2 1). The ability of local sponsors to recoup their expenses (includingthe guaranteed payment to the PGA Tour) determines in large part theirwillingness to sponsor a tournament. Within this context, factors such as mediaadvertising expenditures and even ticket sales are peripheral issues, asthey do not exert a direct impact on PGA Tour revenues. In 199 , PGA Tour televisionrevenues were $24 million. (2 1, July 17). Economic Impact of Tiger Woods on the PGA Tour Introduction This research assesses the economic impact of Tiger Woods on the PGATour. The $58 million contract total for 1999-2 2 was itself amajor advance over prior years. The contributions to totalrevenue by source in 1996 was as follows (Johnson, 1997): Tournaments 32 percent Television 3 percent Tournament Players Clubs 24 percent Licenses and Marketing 9 percent Interest and Other 5 percent By 2 1, television was the largest contributor (4 percent) to PGATour revenues. These sources are(1) tournaments, (2) television, (3) tournament players clubs, (4) licensesand marketing, and (5) interest and other. PGA Tour revenue from on-site attendance at PGA Tour tournaments,therefore, is a function of the value of the prize money awarded attournaments (as indicated above, the PGA Tour tournament revenue guaranteedby local sponsors equals one-half of the value of prize money). Members of the PGA Tour are golfers who play in thetournaments. Advertising Age, 71, 4 .Fatsis, S. Tiger Woods joined the PGA Tour when he turned professional in 1996("Tiger Woods Biographical Information," 2 1). Revenue growth averaged more than 24 percent annually from1999 through 2 1. (2 1). Television revenues in 1996 were $95.6million, while those in 1997 were $1 4.4 million, and television revenuesin 1998 were $118 million (Yasuda, 1998). The public appeal of the PGA Tour determines both the demand fortournament tickets and the level of ticket prices that the market willbear. The period of data analysis applied in this research is 199 -2 1. Advertising expenditures, as an example, reflect the confidence ofadvertisers in the public appeal of the PGA Tour. Further, the most dramatic increase in television revenues for thePGA Tour occurred after Tiger Woods joined the PGA Tour. Arguments can be made that PGA Tourrevenue growth mirrored the rapid growth in the general economy of the last-half of the 199 s, or that PGA Tour growth was in line with revenue growthin other sports organizations, such as the National Football League.Conversely, however, a strong argument can be made that, in the absence ofTiger Woods' participation in the PGA Tour, the PGA Tour would not haveshared in this rapid growth.|pga tour tournaments and purse values ||Year |number of |Total Purse |average purse || |tournaments |Value |value || | |[$ = millions] |[$ = millions] ||199 |44 |46.3 |1. Associated Press. PGA Tour purse totals increased more than three-fold from199 through 2 . Golfweek, 1. Woods says his beef is not about cash. Primarily, therefore, the focus of this research is the impactof Tiger Woods' participation in the PGA Tour on revenue generation by thePGA Tour organization. ||1991 |44 |49.6 |1.1 ||1992 |44 |49.4 |1.1 ||1993 |43 |53.2 |1.2 ||1994 |43 |56.4 |1.3 ||1995 |44 |62.3 |1.4 ||1996 |45 |69.1 |1.5 ||1997 |45 |77.7 |1.7 ||1998 |45 |9 . The Impact of Tiger Woods' Participation in the PGA Tour on PGA Tour Total Revenues Total PGA Tour revenues in 1996, the year in which Tiger Woods joinedthe Tour, were $316.8 million. By 1998, average tournament attendance was 144, ,and by 2 on-site attendance averaged 155, ("Brand in Demand," 2 1).After expenses, the allocation of PGA Tour net income goes primarily totournament prizes and player retirement plans (Yasuda, 1998). For the PGA Tour,however, the financial benefits of this public appeal within the context ofmedia advertising are measured primarily in terms of the value of thetelevision broadcast contracts negotiated by the PGA Tour. Similarly, ticket sales and ticket prices reflect the public appeal ofthe PGA Tour. The Impact of Tiger Woods' Participation in the PGA Tour on the Value of PGA Tour Purses Average attendance at PGA Tour tournaments in 1997 was 125, , upfrom 1 9, in 1996. The focus of this research is the economic impact of the participationof Tiger Woods in the PGA Tour on the PGA Tour financial operations andposition. Thus, thefinancial benefits to the PGA Tour of the public appeal of the PGA Tourwithin the context of on-site attendance at tournaments are measuredprimarily in terms of the value of PGA Tour prize money. PGA of America, owner of thePGA Tour, does not control Grand Slam tournaments, which are not includedin the PGA Tour ("PGA secures $85 Million TV Deal," 2 1). Now, the sky's the limit for golf - the game and the business. In November 2 , TigerWoods threatened to leave the PGA Tour in a dispute over marketing rights.Woods is seeking more control over his own marketing rights, as opposed toseeking a bigger share of PGA Tour television revenues. Tiger! The increase from 199 to 1996, the first year thatTiger Woods joined the PGA Tour, was 49.2 percent (from $46.3 million in199 to $69.1 million in 1996). The Impact of Tiger Woods' Participation in the PGA Tour on the Value of PGA Tour Television Contracts PGA Tour revenues derive from five primary sources. (2 1, June 1 ). In some instances, however, corporateand civic sponsors are willing to sustain some degree of financial loss ontournament sponsorship to gain the prestige value of sponsoring or hostinga PGA Tour tournament. (1997, May 12). |3.2 ||2 1 |49 |18 . The television viewer ratings for PGA Tourtournaments in which Tiger Woods plays are 65 percent higher than those PGATour events in which he does not play ("PGA secures $85 Million TV Deal,"2 1). Wall Street Journal, B3.Ferguson, D. Without question, PGA Tour television revenues increased from 199 to2 1. This total includes television contractsand all other revenue sources. The growth rate during this period likely will exceed 26 percentannually. PGA of America sponsors the PGA Tour, the Senior PGA Tour, and theNike Tour. Retrieved from the Internet 2 1-1 -14 at: http://www.pgatour.comTiger Woods Biographical Information. Measuring the Economic Impact of Tiger Woods' Participation in the PGA Tour on the PGA Tour's Financial Operations PGA of America, operator of PGA Tour, was founded in 1968, whenprofessional golfers separated from the PGA, which is dominated by golfprofessionals. The PGA Tour is a separate entity from the PGA (Professional GolfersAssociation). The primary driver of PGA Tour revenue growth is television revenue.PGA Tour revenue growth averaged 22 percent annually from 1989 through 1998(Yasuda, 1998). Fortune, 135(9), 72-81.PGA, PGA Tour not the same. The popularity of Tiger Woods enabled the PGA Tour to negotiatetelevision broadcast rights packages with six networks for the 2 3-2 6period. The table on page 9 presents PGA Tour purse totals for 199 -2 1,along with the number of PGA Tour tournaments per year and the averagepurse per tournament. If this paper is not what you are looking for, you can search again: Search for: or Click here to request an essay written just for you.