As the Farmers Insurance Open gets underway, the San Diego Union-Tribune's Lori Weisberg does a nice job reminding us that it wasn't long ago this staple of the West Coast Swing was teetering on the verge of extinction.
In stepped Farmers at the last moment, plus a loan from the PGA Tour, and now we have arguably the first high profile event of the PGA Tour season.
But that PGA Tour loan is still hanging over the event and Weisberg shares some enlightening insider details while also pointing out the many ways the event has upgraded its experience, and therefore, its revenues.
The operation’s net assets, though, remain in negative territory owing to the PGA Tour debt.
By 2015, the Century Club’s net revenues had soared to more than $354,000 compared to a negative $755,000 as of early 2012, according to the organization’s tax returns. But its net balance, after taking into account debt, stood at more than $2.5 million at the end of April, 2015.
Last year, after a bad storm shut down the tournament on Sunday, the club got approval from the PGA Tour to extend by one year repayment of its 2012 loan to 2019.
This was also an intriguing suggestion:
The PGA Tour, while not confirming whether it has made loans to other tournaments, acknowledged that San Diego is not alone in having needed some financial assistance. The Tour, though, appears to be somewhat selective when and where it steps in. When Buick exited Torrey Pines, it did the same in Michigan, and that tournament, then held in Grand Blanc, never returned.