Wednesday, February 7, 2001
Report: Golf endorsements reach
$400 million
By The Associated Press
Fueled by Tiger Woods, endorsement spending
for golf has reached $400 million worldwide, according to a survey
by Golf World magazine.
Woods, who has a five-year $100 million
contract with Nike, will earn $56.4 million this year. But other
golfers are also cashing in on the rush by companies to identify
with the sport.
Endorsement income probably pushed the earnings
for the top 75 players to $1 million, although just 45 players
reached that figure in tour winnings.
Golf World cites Glen Day, No. 75 on the
list, who won $617,242, but reached $1 million with endorsement
income.
Woods has helped raise TV ratings, attracting
advertising and endorsement support from nongolf companies. Endorsement
spending by equipment companies is largely unchanged since 1996
but spending by companies outside golf increased by more than
200 percent.
Companies like golf, the magazine said,
because the players can plaster logos on their shirts and caps
unlike uniformed players in other sports. Also, $2.8 billion was
spent on golf equipment in 1999, eight times more than the amount
spent on baseball and softball equipment.
“The reputation our players have developed
is fundamental to everything we do,” PGA Tour commissioner
Tim Finchem said. “It gives us an edge in the marketplace.”
“Golf has a pretty ripe audience,”
said Tom Jump, director of advertising and promotion for Buick.
“It's educated, affluent and in the 35- to 50-year-old range.
Golf has helped us appeal to a wider audience.”
Arnold Palmer still makes about $18 million
a year. Greg Norman earns about $16 million, according to Golf
World estimates.
The magazine says the next batch of golfers,
in the range of $5 million to $7 million a year, includes Davis
Love III, Mickelson, David Duval, Tom Watson, Colin Montgomerie,
Jack Nicklaus and Jumbo Ozaki.
In baseball, Ken Griffey Jr. is believed
to earn the most in endorsement income, about $5 million.
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