Thanks to SteveG for this
IMG err HSBC press release on the "THE TIGER EFFECT" that will be boosting the UK and Ireland economies. Note that several publications, including the Scotsman, picked up this press release and reported it as news.
Woods, who flies into London tomorrow (Tuesday) to play in the HSBC World Match Play at Wentworth before competing in the Ryder Cup and World Golf Championship, all taking place in September, will increase the golf economy in the UK & Ireland by as much as 5%.
Research carried out for HSBC by Professor Tom Cannon, Dean of Business at the University of Buckingham suggests Tiger's mere presence results in tens of thousands extra spectators, boosts radio and television coverage by at least 25 per cent, generates millions through tourism, hospitality and sponsorship, and drives people to try golf for themselves and join clubs.
Professor Tom Cannon, Dean of Business at the University of Buckingham and leading expert in sports business and finance commented: “The size and reach of the Tiger economy is remarkable. We estimate the total value on the core golf economy to be as high as £170 million. Drawing these figures together gives an astonishing picture not only of the impact of a single, outstanding sportsman but of the growing power and influence of sport and sporting celebrity.”
With the tournament scheduled for a week before the Ryder Cup and the appearance of World Number One Tiger Woods for the first time since 1998, there has already been a 60% increase in advance ticket sales this year.
Giles Morgan, HSBC’s Head of Sports Sponsorship and Marketing commented:
“The HSBC World Match Play Championship at Wentworth is set to break its 42-year attendance record after selling an unprecedented number of advance tickets.
“Tiger Wood’s participation in the HSBC World Match Play is obviously great news for our event, but our approach to golf is as much about developing the grassroots of the sport as it is about supporting the elite game. This report indicates that Tiger's appeal goes far beyond what happens on the course and has positive economic and social impacts in the countries where he plays."
The three tournaments in three weeks could take the "Tiger Effect" to new heights as he reaches out to millions beyond the sport. HSBC’s ‘Tiger Economy’ study suggests:
Ø Tiger’s participation is expected to encourage an additional 60,000 spectators to attend the three major Golf tournaments generating an extra £4.2 million in ticket sales and related visitor costs such as car parking
Ø Sponsorship and hospitality could generate an additional £3.6 million, including £500,000 in advertising spend as companies take advantage of Wood’s participation, and £500,000 in travel and accommodation generated through additional spectators
Ø Conservative estimates suggest Tiger could inspire 700,000 golfers (club members and occasional players) to play an extra round of golf bolstering green fees by £14 million
Ø The ‘Tiger Effect’ could see sales of Golf equipment and clothing increase by an additional £27.5 million
Ø Media coverage of the tournaments (TV and radio) is likely to be worth £52.3 million as Tiger’s appearance continue to generate record audiences
Ø The anticipated value of press coverage is be valued at £36 million
*** Reader Steve notes this wire service story where even Tiger claims to find the number surprising...
Sitting next to Woods, David Hodgkinson, the chief operating officer of HSBC - the sponsor of the World Match Play - said Woods' three-week presence would bring a huge cash injection to the British and Irish economies.
"We reckon this will put an additional 170 million pounds (US$320 million; euro250 million) of value into the economy, a growth to the golf economy of 5 percent," he said.
Woods laughed when he heard the figures.
"I don't know where they get that number," Woods said. "It is flattering to have that impact on this game of golf."