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Dubai prize funds slashed |
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09.23.2009 |
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WENTWORTH (England): The prize fund for the European Tour’s season-ending Dubai World Championship has been slashed from US$10mil to US$7.5mil as a result of the global economic downturn.
The bonus pool for the top 15 players on the tour’s money list — which has been rebranded as the “Race to Dubai” — has also been cut by the same amount in a move that reflects the economic pressures on event sponsor Nakheel, Dubai’s leading property developer.
The cutbacks mean the event will no longer be able to boast of being the richest in golf.
This week’s Tour Championship in the United States also has a US$7.5mil prize fund and the winner will pocket a US$1.35mil cheque, higher than the US$1.25mil on offer in the Nov 19-22 Dubai tournament.
European Tour players had been warned last month that a reduction in prize money for Dubai was likely and the move was confirmed following talks last week between Tour chief executive George O’Grady and representatives of Nakheel.
O’Grady said: “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.”
Despite the setback, O’Grady voiced confidence that the much-trumpeted finale to the season would still prove to be a success.
“We have been assured that our agreement is proceeding substantially as planned,” he said. “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 the company’s commitment to the Dubai World Championship and the Race to Dubai was not in doubt.
“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.”
Nakheel has been hit hard by the downturn in construction in Dubai and has announced two major rounds of redundancies in the last 10 months.
Germany’s Martin Kaymer currently leads the Race to Dubai, having won just under ‚2mil already this season. There are eight more tournaments before the season-ender, starting with next week’s Dunhill Links in Scotland.
The top 60 players on the money list will play in Dubai with the winner of the Race to Dubai taking home a bonus of US$1.5mil.
Lee Westwood, one of the players who could claim that prize, last month described the impending cutbacks as a “reality check” for the sport.
“It’s still a massive prize when you think about it,” he said. “I think we’re lucky to be playing for that kind of money.” — AFP
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Source:thestar.com.my |
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