TGL's Big Partner, LIV Golf's Setback, and Leadership Changes at R&A and USGA
Plus: Economic Impact of The Open, Troon and SKINS Partnership, Fujikura's New Launch, and More Golf Industry Insights
Hello, friends.
Another week, and here we are again with the GBR Weekly newsletter, delivering a 10-minute read that equips you with everything you need to know to impress even your boss with your Golf Industry insights.
Read until the end, and you'll discover new insights on the following topics:
Genesis Joins TGL as First Founding Partner
LIV Golf Faces Setback as Caffeine TV Closes
Leadership Change: USGA’s Waugh Steps Down
Hosting The Open: Economic Boom Explained
Meet the New CEO of R&A
Troon Golf Teams Up with SKINS
Mastering The Short Game
Fujikura's New Ventus VeloCore+ Unveiled
Davis Shines in Detroit
Bland Claims Second Seniors Major In Succession
And remember, this newsletter is free, but to unlock the full experience, you need to subscribe to GBR Pro.
Genesis Announced As First Founding Partner Of TGL
The announcement made last week is likely to see Genesis branding in the purpose-built SoFi Center along with advertising exposure during the events, which will be televised by ESPN and ESPN+.
The announcement doesn’t disclose Genesis's full involvement as a foundation sponsor but does reference the opportunity to showcase Hyundai and TGL’s ability to harness the power of design, technology, and innovation.
Writing in Forbes, Erik Matuszewski believes the deal will be worth between $5 million and $8 million, with Genesis being the first or more founding partners to be announced throughout the year.
Becoming a foundation sponsor of the tech-focused TGL adds to Genesis’s growing portfolio within golf. Already in the stable are:
Genesis Invitational on the PGA Tour, co-hosted with Tiger Woods,
Genesis Scottish Open, co-sanctioned between the PGA Tour and DP World Tour.
Genesis Championship on the Korean PGA Tour
Genesis is also the main car sponsor for the President’s Cup and selected DP World Tour events.
The first TGL presented by SoFi event is scheduled to begin on Tuesday, 7th January 2025, seeing six teams comprising four PGA Tour stars compete against each other on a stage that will feature:
100-yard long and 50-yard wide field of play
Real grass tee
A 3000-foot square screen, which is 20 times bigger than a normal simulator screen, will project the holes and shots for the audience
22,475-square-foot short game complex complete with three sand bunkers
A 41-yard turntable that can rotate the angle and approach to the green for the players
600 motorized actuators under the synthetic putting surface to alter the topography of the putts faced.
“TGL presented by SoFi is honored to welcome Genesis as the league’s first Founding Partner. The Genesis brand aligns perfectly with TGL through their commitment to designing exceptional and innovative products, and their demonstrated commitment to golf all around the world,” - Mike McCarley, CEO and Founder, TMRW Sports and TGL presented by SoFi.
“We’re eager for the launch of TGL this January and bringing Genesis’ audacious and distinctly Korean brand DNA to a whole new generation of golfers and golf fans through this exciting new team golf platform.” - Mike Song, Global Head of Genesis.
Blow For LIV Golf As Caffeine TV Shuts Down
Caffeine TV has pulled the plug abruptly on its streaming services months after reaching an agreement to cover LIV Golf’s full 2024 schedule.
The sudden closure of Caffeine TV leaves the Saudi-backed LIV Golf with the headache of having six tournaments left on their schedule for 2024 with no external paid streaming service in the US.
It has been hard for LIV Golf to strike any major commercial deals for coverage of their tournaments, and a few eyebrows were raised when the deal with Caffeine TV was struck since the streaming platform had no affinity for golf and mainly covered sports like the World Surfing League.
Golf has been a much harder watch in 2024. Neither the PGA Tour nor LIV has captured anything like the TV audiences they would be hoping for, and fans feel isolated in the ongoing money-fuelled battle for control of golf.
The issue for the PGA Tour is that they are seeking more from their sponsors to help cover the costs of increased prize funding to compete with LIV. For LIV, the problem lies in its ability to sell itself as a profitable concern that features some of the best players in the game playing an exciting new tournament format that helps keep fans engaged.
While Caffeine TV has struggled financially, an expose in Golf.com written by James Colgan indicated that the new venture received backing to the tune of $150 million, with some serious investors involved, such as Venture Capitalist Andreessen Horowitz and the Murdoch family.
The problem for Caffeine TV was its inability to return a profit, especially since its roster was mainly made up of niche sports, which attracted few sponsors.
LIV Golf now has a gap it needs to plug, and there is probably a feeling of deja vu as it looks to strike a deal with a new streaming partner. However, not all is lost for LIV. LIV has brought its streaming rights direct-to-consumer through its paid subscription options on its YouTube channel and app.
USGA’s Waugh Steps Down
Waugh will remain with the PGA of America, acting in a senior advisory role after his contract expired on June 30th. Kerry Haigh, the PGA of America’s chief championships officer, will step in as interim CEO but will not be considered for the role on a permanent basis.
Waugh took up the CEO post in 2018 when the world of golf was more settled than it is now. But Waugh has been busy during his tenure, with some of the major accomplishments he has overseen being:
Negotiating the PGA Tour’s new 11-year media rights deal with CBS and ESPN
Creating stronger links with strategic partners, Rolex and T-Mobile
Increased prize funds for both the PGA Championship and KPMG Women’s PGA Championship ($18.5 million and $10.4 million respectively in 2024)
Moving the PGA of America’s headquarters from Palm Beach, Florida to Frisco, Texas
Oversaw the creation of the first-ever deferred compensation retirement plan for PGA members with the $100 million PGA REACH Foundation
Waugh also oversaw the creation of an emergency relief fund with over $8 million when the COVID-19 pandemic closed everything down in 2020.
Turbulent times have continued in recent years as the civil war for control of golf’s future rages on, with no clear agreement being reached between the PGAT, DPWT, and PIF, with Waugh fielding questions on the PGA of America’s criteria for allowing LIV golfers to participate in the PGA Championship.
“I am proud of all that we have accomplished for our more than 30,000 members and the game. I have enjoyed every moment serving alongside all of my colleagues, all the various officers and board members and getting to know so many of our dedicated members who are on the front line of the game that we love every day of the year.” - Seth Waugh
“The goal from the start was to leave the room better than we found it and I believe that together we have done just that.” - Seth Waugh
“On behalf of the more than 30,000 PGA of America golf professionals, we are grateful for Seth’s leadership and for all that he accomplished for our members, our game, the business and our people,” - John Lindert, PGA of America President
The Economic Rewards Of Hosting The Open Championship
With the 152nd Open Championship at Royal Troon a matter of weeks away, a new report has been produced for the UK PGA detailing the economic impact of the 151st Open, held at Hoylake.
The study, commissioned by The R&A and conducted by Sheffield Hallam University’s Sport Industry Research Centre (SIRC), was divided into two elements: attendance figures for the championship week and the economic impact on the region.
Headline figures for the Open Championship were:
261,180 fans attended the championship, making it the second-highest attended Open Championship in history
A Quarter of attendees were from outside England
Economic Data
£187 million overall benefit on the Wirral and wider Liverpool City Region (area of England where the Royal Liverpool Golf Course is found)
£144 million destination marketing benefit
£43.19 million new money entering the local economy
The economic data backs up the positive impact experienced by the Wirral region’s hospitality industry over the course of the championship week, along with the marketing that went into the build-up to the championship, which kicked in during the week of the 150th Open Championship held at St Andrews.
“The Open continues to flourish and has an outstanding track record of injecting significant additional expenditure into communities and local businesses as well as showcasing the region in which it is held to a global audience.” - Martin Slumbers, CEO of The R&A
“The figures speak for themselves – The 151st Open was a massive success for our visitor economy. The fact we attracted record crowds to Royal Liverpool is testament, not only to the quality of our region’s courses, but to the infrastructure we offer and the warm welcome we gave to visitors from around the world.” - Steve Rotheram, Mayor of the Liverpool City Region,
“Advances in working collaboratively with local partners, innovations in ticketing, and increased public demand for watching live golf have all contributed to The Open’s significant growth in economic value over time.” - Professor Simon Shibli, Director of the SIRC
New R&A CEO Announced
The R&A has announced that Mark Darbon will replace Martin Slumbers as its new CEO.
Slumbers replaced Peter Dawson in 2015, and it was a surprise when The R&A announced earlier this year that Slumbers would leave his post and retire by the end of 2024.
Slumbers leaves The R&A in good health, with his achievements during his tenure being:
Considerable growth in both The Open Championship and AIG Women’s Open
Modernizing the game’s rulebook
Introduction of the World Handicap System
Slumbers has been seen as a great innovator within golf, but things haven’t been plain sailing during his nine-year tenure.
The COVID-19 Pandemic had a huge impact on golf with the 2020 Open Championship a casualty that saw all major sporting events cancelled due to lockdown restrictions.
Slumbers has also been at the forefront of the golf ball rollback rules, scheduled to come into effect in 2028, and has spearheaded the R&A’s involvement in healing golf fractures with the advent of LIV and, more recently, the agreement to merge the PGA Tour, DP World Tour, and PIF.
Mark Darbon will now be at the helm of The R&A’s response to developments. Darbon is no stranger to the big stage however, his CV includes:
Member of the senior team delivering the London Olympic and Paralympic Games in 2012
Head of Olympic Park operations, managing nine competition venues hosting up to 250,000 spectators
Served as Expert Adviser to the International Olympic Committee (IOC) between 2013 and 2018
Darbon’s most recent role was CEO of Northampton Saints Rugby Club. During his tenure, He implemented a successful marketing strategy post-pandemic that saw Northampton Saints record their highest revenue levels.
Darbon will not be just at the helm of one of the governing bodies of the sport, he will also oversea The Open Championship, AIG Women’s Open, and growing the game through The R&A’s worldwide strategic programs.
The R&A is 270 years old and currently has over 2400 members worldwide.
“I am thrilled and honoured to be taking up these positions with The R&A and The Royal and Ancient Golf Club of St Andrews and to be moving into golf, a sport I have always loved. The R&A is a globally renowned organisation and does so much to ensure that golf prospers from grassroots through to the professional game. I am looking forward to working with a hugely talented team of staff, the Club membership and such an impressive array of partner organisations to achieve even more success in the years to come.” - Mark Darbon
“We were greatly impressed with Mark’s knowledge and experience of the global sport industry and his ability to develop successful teams and deliver fantastic events. We believe he will be an excellent leader for The R&A and The Royal and Ancient Golf Club of St Andrews and will play a key role in helping us to achieve our goal of ensuring a prosperous and sustainable future for golf.” - Niall Farquharson, Chairman of The R&A
Troon Golf And SKINS Announce Partnership
Troon and SKINS have announced a partnership that will link the SKINS app to Troon’s 575-plus 18-hole golf course portfolio to enhance golfer’s gaming experience when they play.
The SKINS app is designed to offer golfers various gaming options, from traditional strokeplay and matchplay games to on-course betting games such as Nassau or WOLF.
The app will allow golfers to:
Set up their chosen game easily before they tee off
Keep golfers right on the rules of their chosen game
Invite other golfers into their game
Show leaderboards
Provide regional competition with prizes available for the best golfers.
The app is designed to bring golfers together in friendly competition, and through shared media, golfers can upload videos of memorable shots to be shared across the platform.
The partnership makes SKINS a “Preferred Partner of Troon”, giving SKINS exposure to Troon’s industry-leading global portfolio of 900-plus locations, 45-plus states, and 35-plus countries worldwide.
The SKINS app is available for IOS and Android and includes the additional functionality of:
GPS to help golfers find other golfers or courses available in SKINS
Calculates course handicaps to help golfers receive the correct number of shots
Integrated with Venmo for easy payment options
“This collaboration will enhance the competitive and leisure gaming experience for golfers globally, bringing our cutting-edge app to a wider audience through Troon’s expansive network of properties. We are excited to continue transforming and modernizing on-course golf betting games to elevate the social experience for players around the world.” - Ryan Morrison, CEO and Founder of SKINS
The Short Game
Golfers in the UK and Ireland spent over £7 billion ($8.87 billion, €8.24 million) on golf in 2023, excluding golf club memberships. The figures are part of the UK PGA’s Golf For All project in partnership with Ipsos. Golf Club purchases accounted for £1.3 billion. One interesting figure is that £80 million was spent on golf-related magazines, which is amazing considering the amount of golf content available on social media.
In last week’s GBR newsletter, we raised the point about how far ahead Scottie Scheffler is in earnings this year. After doing some calculations based on win percentages, Scheffler’s caddie, Ted Scott, has earned over $2.6 million and is likely to finish the year on more than $3 million. Thanks to our friends at My Golf Spy for doing the number crunching!!
Fujikura Launches New Ventus Red and Black VeloCore+
The Ventus range (including the Ventus Blue) is arguably the most successful graphite shaft range ever created, suiting everyone from the elite of the professional tours to 20-handicap weekend golfers.
Fujikura has now launched the updated Ventus Black and Ventus Red shafts featuring VeloCore+ technology. VeloCore+ is an evolutionary step. In its simplest terms, Fujikura has found a way to engineer even more speed and, more importantly, more stability and resilience to twisting, improving the Ventus’ moment of inertia (MOI).
The Ventus Red shaft remains the best fit for golfers needing a little assistance creating more height and spin through its softer tip section.
The Ventus Black is at the other end of the spectrum. It features the stiffest tip section and is designed for golfers with the highest swing speeds and who are more aggressive in their transition.
The updated Ventus Blue with VeloCore+ technology was launched earlier this year, and the shaft is best suited for the widest variety of golfers.
The beauty of the Ventus range is the custom-fitting options presented not only by the three shaft profiles but also by the variety of weights and shaft flexes, all of which are present in the updated 2024 VeloCore+ shafts.
RRP $350 (€327, £277)
Davis Delivers In Detroit
Australian Cameron Davis won his second Rocket Mortgage Classic at the Detroit Golf Club after watching Akshay Bhatia miss a four-footer on the last hole to force a playoff.
Davis began the final day one shot behind third-round leaders Bhatia and Aaron Rai but didn’t get off to the best of starts, bogeying his first. Davis reeled off three birdies on the front nine to get himself in contention at the top of the leaderboard.
Davis looked like he was letting his chance slip again after finding the water with his approach at the par-five 14th. He again regained his composure to birdie 17 and par 18 to set the clubhouse target at 18 under par.
Bhatia came to the last green with an unlikely birdie putt to give him outright victory. His first effort was timid, leaving himself a tricky 4-foot putt to get into a playoff with Davis. Bhatia’s putt agonizingly missed on the low side and confirmed Davis as the winner.
Bhatia had to content himself with a tie for second place along with Aaron Rai, Min Woo Lee, and Davis Thompson.
Davis’s victory lifts him to 40th in the FedEx Cup standings but doesn’t give him a spot in The Open Championship this month. Bhatia remains in 11th spot on the FedEx Cup.
Bland Claims Second Seniors Major In Succession
LIV Golfer Richard Bland claimed his second major title at the U.S. Senior’s Open at Newport Country Club after claiming the Senior’s USPGA Championship last month.
Bland overhauled a five-shot deficit to Japan’s Hiroyuki Fujita in the weather-delayed final round, which spilled over to Monday with both players having eight holes left to play.
Bland and Fujita ended tied in regulation play, and both players could not be separated after a two-hole aggregate playoff, leading to a sudden-death playoff.
As both players played the difficult 18th hole for the fourth time, Bland emerged victorious after his greenside bunker shot clipped the pin, with the ball coming to rest inches from the hole.
Fujita couldn’t convert his long-range par effort, leaving Bland the shortest of tap-ins for victory.
The irony for Bland is that he wouldn’t have been in the U.S. Open field had it not been for his victory in the Senior’s USPGA and joins Arnold Palmer and Alex Cejka, who also won their first two senior major tournaments they started.
That´s all folks.
See you next week!!!