| PGA Golf at risk | | | | American tax payer, and it is going to take some |
| The organising body of professional golf in the | | | | time for any of these major corporations to |
| United States may be trying really hard to | | | | recover to such an extent that they can afford |
| convince both professionals and fans alike that | | | | to write off vast chunks of wealth as sport |
| they will be able to weather the storm, or should | | | | sponsorship. |
| we say tornado, because of their close ties to | | | | In a further announcement in Melbourne, AIG said |
| business, but even they must be aware that it is | | | | they wouldn't be sponsoring Australian Football |
| business itself that is really feeling the heat, with | | | | League team, the Tigers, either. |
| even the traditional giants toppling with ease. | | | | Formula 1 under the cosh |
| Consider the remarkable amount of money up for | | | | Another sport under the cosh is Formula 1 and |
| grabs in the celebrated FedEx Cup competition | | | | apart from it being a huge financial drain, the FIA |
| and then ruminate over the recent news that | | | | has also been under enormous pressure to do |
| FedEx is trimming their full-year earnings outlook | | | | something relevant about F1's carbon footprint. |
| by 4% and that was in August, well before the | | | | Cost-cutting measures are currently under the |
| collapse of Wall Street. Any astute financial guru | | | | scrutiny of the organising body and it has been |
| will know exactly where to cut costs and believe | | | | proposed that standard engines be used from |
| you me, it will be the sport sponsorship deals that | | | | 2010 in an effort to survive the worst financial |
| will be the first victims of a cost purge. | | | | global crisis in almost a century. |
| Tennis is another sport that relies heavily on | | | | The Williams team, for one, made an astounding |
| sponsorship by both the insurance and financial | | | | loss of well over £30 million last season and |
| sectors, both of which have had to endure some | | | | has been propped up by British bank, RBS and |
| really hefty body blows in the past couple of | | | | companies owned by retailer, Baugur. Both these |
| weeks. | | | | commercial entities have been ravaged by the |
| AIG pulls out as Davis Cup sponsor | | | | crisis on the world bourses and there is a very |
| America's insurance giant, AIG, announced only | | | | real likelihood they will be withdrawing funding any |
| last week they will not be renewing their contract | | | | day soon. |
| with the USTA and after almost a decade of | | | | There is little doubt that the economic disaster |
| sponsoring the American Davis Cup team, the | | | | threatening the very existence of a free market |
| loss to the sport will run into millions of dollars. | | | | will have a trickle down effect on all sporting |
| AIG, once the world's largest international | | | | codes, even those like the IPL, where the |
| insurance company, is one of the commercial | | | | developing markets are arguably slightly better |
| giants that were effectively bailed out by the | | | | off than their experienced counterparts. |