The Pellucid Perspective - January 2024 - 5

Pellucid's Golf Local Market Analyzer platform. We would suggest
that the Compromises of 1968 and 1983 were also aimed at
enhancing incumbency and preferred access to an ever expanding
PGA Tour revenue pool.
Unfortunately, neither of those Compromises were successful
in preventing the Civil War. Apparently, the same can be said for
those of 1968 and 1983 and what is currently being played out
in professional golf. If noted historian Charles Beard were alive
today; he would probably say I told you so - it's always been about
the " Benjamins " . The airing of the PGA Tour's dirty autocratic
laundry has served to question whether their long term transition
from underdog status to golf financial superpower has been
equitably shared with its players.
What's painfully clear is that the current state of professional
golf is a mess. It's also clear that any potential solutions will be full
of contradictions, compromises and concessions. John Daly's suggestion
is simple - if a player fulfills his 15 tournament commitment
to the PGA Tour and earns enough to stay exempt; what he
does with the rest of his time is up to him.
Rory McElroy's latest idea is a lot more complex with schedule
changes designed to accommodate multiple playing options
(tours) and a season ending championship (AFL/NFL Super
Bowl?). The PGA Tour is reportedly desperately seeking a private
equity player to give them an alternative to the tentative deal with
the Saudi backed LIV they made last year (with a December 31st
deadline for finalization that has passed).
While it's possible that some solution could represent another
step forward in the search for a more perfect union; there
are a lot of obstacles. First, it assumes an ever-increasing pool
of sponsorship and media revenues (with a lot less Tiger in
the tank). Second, whether it's the Saudi investment fund or a
private equity partner (or both), they will expect a return that
will affect the amount of money available for the players. Third,
whatever new organization is created to administer the process
will certainly impact the current level of control enjoyed by the
PGA Tour.
Of far greater concern is the ultimate impact on the golf industry
as a whole. It's pretty tough to find a rooting interest between
players needing more private jet fuel, the PGA Tour and
its attempt to preserve their incumbent power and an investment
fund with a troubling history of human rights violations. It's even
tougher when each of these factions wants us to believe they are
the underdogs. But, then again, it appears that golf is not the only
place in the world where a lot of people are supporting some
strange underdogs.
" History judges us not only on the outcome of the war, but
the manner in which it is fought " Lord Cornwallis, " The Patriot " .
The biggest risk for golf is that this public dispute displaying the
arrogance of power and avarice will turn off the fans that ultimately
provide the spoils over which they are all fighting.
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The Pellucid Perspective - January 2024

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