Another sign of the times: Deutsche Bank makes cuts for Boston event
Tiger Woods will still be the main attraction at the Deutsche Bank Championship over Labor Day weekend — but don’t expect there to be much else to do at the Boston area event. As opposed to years past when the second event of the FedEx Cup playoffs was a money making machine, Bloomberg is reporting that you’ll see a very different tournament this year. A more slimmed down version, if you will.
The recession has hit golf particularly hard around the world, with course owners tightening budgets, equipment manufacturers firing workers and financial backers ending or curtailing sponsorships. Wall Street firms that received federal bailout funds under the Troubled Asset Relief Program are shying away from sports entertainment after criticism from lawmakers.
Waugh said the goal is to pare 10 percent to 20 percent of spending for the U.S. PGA Tour event in Norton, which he would only say was under $10 million.
More publicity for the event will be moved to Internet social-media networks, like Facebook, said Ted Meyer, spokesman for the bank’s Americas unit. He also said reducing the pairing sheets from four pages to two pages is part of the company’s effort to lower its carbon emissions. (via Bloomberg)
Because reducing the pairing sheet is their biggest problem! In all honesty, I’m not surprised to see Deutsche pulling back on the reigns for the event. To be honest, the Tour should just be happy Germany’s largest bank can afford to pay for this shindig. To be honest, the event should just be happy that Tiger Woods is showing up to the party.
The Memorial, hosted by Morgan Stanley, was the most recent event to cut its hospitality events in an effort to make the event, and the financial company, look fiscally responsible.
Not only that; U.S. Bancorp decided to end its association with the Tour’s Milwaukee based event after this year. Their reasoning? They didn’t think it was right to host a tournament when they took $6.6 billion worth of TARP money. I can see the reasoning behind that.
It’s just another day at the office for the PGA Tour. The show must go on, but sooner or later these cutbacks are going to start cutting into the fun of going to a Tour event. Like many of you, I’m really interested to see the direction Finchem takes the Tour in next year.