Bad Golf Economy News Round Up

by Ryan Ballengee on Feb 25, 2009 1:01 PM EST Comment 2 comments

Rather than do three separate posts with bad news after bad news, I decided to lump them all together.

Geoff Shackelford has a couple of great posts today detailing FBR pulling out as the sponsor in Scottsdale after next year, and his reaction to the criticism levied on Northern Trust.

Then, the Bloggin' Golfer CJ Bush has a good post detailing some of the club manufacturers that he sees as having potentially serious problems surviving in the wake of the liquidation of MacGregor.

And I decided to take my best shot at sounding the alarm about what is happening, and what may be likely to come.

ADD 2:30pm ET:

For the same reasons that Northern Trust got slammed by Congress for sponsorship of and hospitality at Riviera last week, Wells Fargo is being proactive and cutting back its spending at the Wachovia Championship at Quail Hollow.

And, just announced, Morgan Stanley will be doing the same at the Memorial.

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Thanks!

Thanks for the props Ryan! I think that Macgregor will be the beginning of the collapse of a few companies. I just hope I am wrong though!

by mcbush25 on Feb 25, 2009 1:35 PM EST reply actions 0 recs

Glad to do it, CJ – it was a good post! I hope you’re wrong, too, but I have a piece on the Golf News Net site about how an investment made in Nickent was written down like 90% or something in mark to market. Bad sign for Nickent.

by Ryan Ballengee on Feb 25, 2009 4:29 PM EST reply actions 0 recs

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