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Asian Tour worried over economic impact to sport

(Agencies)
Updated: 2008-10-15 17:32

NEW DELHI -- The Asian Tour is closely monitoring whether the global financial meltdown impacts the US PGA Tour but is hopeful it would not hurt its own rapid growth.

"We are fairly worried," Asian Tour executive chairman Kyi Hla Han told Reuters of the downturn.

"It depends on what happens on the US PGA Tour. Their tournaments are bigger budgets, more money, especially the American banks putting in a lot of money.

"We'll have to see."

Both the US PGA and European Tour chiefs have expressed confidence the downturn would not affect their tours, and Han said the big-name sponsorships by financial institutions were still intact in Asia.

"From our side the banks that are putting in money into our tour like Barclays for the Singapore Open, UBS for Hong Kong and HSBC, they haven't really been showing signs they want to back out," Han said.

"Their profile and clientele in Asia are pretty strong and I think they still have to make it better.

"In Asia, in terms of total sponsorships these events are still affordable. So hopefully, I don't think there should be that much of an impact."

The Asian Tour has grown rapidly since a new players body took charge in 2004, offering total prize money of $12.3 million. The 2008 calendar boasts 30 events offering around $40 million.

A Reuters poll last month indicated Asia's economic slowdown this year could be more severe than previously thought, but Asian economies would still grow at higher rates than elsewhere.

"We've had a great period when there has been a golf craze in Asia and also the economic boom," he said. "It has also helped that our players are doing very well, especially Indians."

The Asian Tour chief praised China's Liang Wen-chong, who won the $1 million Indian Open in New Delhi over the weekend.

"He has been great for golf not only in China but also in Asia. He has been a great ambassador," Han said.

He said the Asian Tour had overcome differences with Europe where its first co-sanctioned event, the Omega European Masters in Switzerland, is due to be staged next September.

However, it was still trying to dissuade the Australian PGA from floating the 'OneAsia Tour' super-circuit which will combine the tours in Japan, South Korea and China.

Han said the circuit would undermine the Asian Tour, which is awaiting a response to its proposal to instead stage a series of events.

"We're proposing maybe a series of four to six events in the main regions," he said. "It will be part of the tours, Asia, Japan, India, China, Korea and Australia, special events for all the top players.

"It can't be a tour, it will probably be a series like the FedexCup series or something like that."