Financial Crisis & Golf Bonus Pool

Due to the global financial crisis at the end of 2008, every walk of life is largely influenced. Business failure, unemployment, wage decline, inflation of prices all  emerged. Probably every people in the world has the experience of living under a financial crisis. Until now, the global economy has not resuscitated yet. The funny thing is that golf is also influenced by it-- European Tour officials have revealed a 25 percent reduction in prize money for the end-of-season Dubai World Championship due to the economic downturn. The Tour has also confirmed that the same reduction will apply to the Race to Dubai bonus pool for the top 15 money winners on the list, with that fund going down from £6.1 million to £4.6 million.

At  this rate, if a player manages to win both the tournament and the Race to Dubai money list, they will now walk away with £1.7million rather than £2.2million. There will now be more money on offer for finishing top of the bonus pool than winning the 60-man even on November 19-22, with £928,000 for the bonus winner and £773,000 for the tournament champion. In that case, you had to buy discount golf clubs only. Just a joke!

The reduction follows talks in the United Arab Emirates last week between Tour chief executive George O'Grady and event sponsors Nakheel. "The European Tour has offered to reduce the prize money to reflect the current worldwide economic position and we will jointly examine prize money levels in future years in the light of this developing global situation," said O'Grady. "We have been assured that our agreement is proceeding substantially as planned. The Earth course at Jumeirah Golf Estates looks superb and work is being completed on the public areas, car parks and access roads."

Hamza Mustafa, managing director of Nakheel Leisure, said: "Nakheel is committed to The Race to Dubai and the Dubai World Championship. "The prize funds for both competitions are significant amounts that are worthy of the season-ending tournament and world-class field that will be competing, yet reflective of a new economic climate."

At its launch two years ago the event was hailed as the biggest in golf history, but while the sums are still huge it cannot claim to be the richest. This week's Tour Championship inAmerica - the final leg of the FedEx Cup play-off series - has a bonus pool of £21.6million, with £6.1million going to the points winner and £835,000 to the tournament champion.

O'Grady said before last week's talks that the sponsors "will honor their contract with us if we so wish. But we will take a view on what's appropriate and in our long-term interest we may consider offering to drop the purse.  And we can't be immune from what is happening in the region. People are not getting paid in Dubai and we may have to share the pain."