Race to Dubai bows to the reality of recession

One of the most persistent rumours in the sport was confirmed yesterday when the European Tour announced that prize money for this year’s Race to Dubai and the accompanying Dubai World Championship in November has been reduced by 25 per cent.
First reaction to the news might be disappointment that such a much-trumpeted tournament has been watered down. When the European Tour announced the event almost two years ago — and with it a contract for five years — there was scarcely a rooftop from which it was not shouted about. The exultant tone was matched by the home page of the Dubai World Championship website, which described the event as the world’s ultimate golf prize in the world’s premier golf destination. It was not then and it is not now.
Nevertheless, it was felt that the European Tour had stolen a march in the race to secure tournaments for its members in the Middle East. The PGA Tour in the United States could only look on with envy and admiration.
Perhaps a more realistic reaction is that the European Tour is lucky the reduction has not been more than 25 per cent, given the manner in which Dubai’s property-driven economy has plummeted.
The leading 60 golfers in the Race to Dubai compete in the seasonending strokeplay event for a purse of $7.5 million (about £4.6 million), with $1.25 million for first place. The bonus pool of $7.5 million will go to the 15 highest finishers in the Race to Dubai, with the top man getting $1.5 million.
By comparison, the Tour Championship in Atlanta this week also boasts a $7.5 million purse, with the winner taking home a cheque for $1.35 million.
With eight events remaining in the Race to Dubai, Martin Kaymer, of Germany, leads the way with €1,982,055 (about £1.79 million) in prize money, followed by Paul Casey, of England (€1,965,150), and Rory McIlroy, of Northern Ireland (€1,726,927).
George O’Grady, the executive director of the European Tour, was in the Middle East last week talking to Nakheel Leisure, the company that runs what was begun by a company called Leisurecorp. “The European Tour has offered to reduce the prize money to reflect the current worldwide economic position,” O’Grady said. Rather more ominously, O’Grady went on to say, “We will jointly examine prize-money levels in future years.”
It has been clear since Nakheel took over Leisurecorp this year and news spread of the dire financial situation in Dubai that the tournament could not go ahead as originally planned.
“Nakheel is committed to the Race to Dubai and the Dubai World Championship,” Hamza Mustafa, the managing director of Nakheel Leisure, said. “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.”
Source:The times