CRISIS HITS AMERICAN MINI-TOURS:
PARENT COMPANY "INSOLVENT"
The US Pro Golf Tour, Tight Lies Series and California Series "are insolvent" and will not resume play until financing is secured, according to Bill Conwell, CEO and president of Greens Worldwide Inc., the parent company that owns the three mini-tours.
"We do not have the necessary cash resources to operate tournaments, honor our player refund obligations, or pay our other outstanding payables," said Conwell.
Conwell also said Greens Worldwide's proposed merger with Beat The Bogeyman LLC and HyPerformance, Inc., has been terminated. The completion of that deal was contingent on USPGT receiving additional funding.
In another setback for the unraveling tour, its president Gary DeSerrano resigned on April 10, according to Conwell. Two days later Conwell sent an e-mail to its 353 members updating them on the state of the tour.
"We are insolvent and have no cash," he wrote. "Please allow us to work on securing the funding and getting a schedule in place."
In addition to seven tournaments that already had been postponed, the USPGT reported it has cancelled the NTG Classic, slated for April 26-29 in Baton Rouge, Louisiana. It will not be rescheduled even if the tour resumes operations.
Tour members are scrambling to find a place to play, a task that is difficult because fields for several alternative mini-tours already are full.
"A lot of people are in limbo," said USPGT member Alex Rodger.
Added Steve White, vice president of operations of the Hooters Tour: "We'll do our best to accommodate players if we have openings and with sponsors exemptions, but we are busting at the seam."
Other options include the Tarheel Tour, the Cleveland Golf Golden State Tour, the Gateway Tour and the North American Golf Tour. DeSerrano, who founded the Tight Lies Tour before selling it to Greens Worldwide, said he planned to form a new tour with support of Adams Golf.
But that may be too late for players on the verge of giving up their dream – one that likely resonates even more, considering Zach Johnson's rise from obscurity on the Hooters Tour to victory at the Masters. Several players have lost their savings, their sponsors and now can't afford to travel.
"It's a wicked deal," Rodger said. "A lot of lives are going to change because of this."
PARENT COMPANY "INSOLVENT"
The US Pro Golf Tour, Tight Lies Series and California Series "are insolvent" and will not resume play until financing is secured, according to Bill Conwell, CEO and president of Greens Worldwide Inc., the parent company that owns the three mini-tours.
"We do not have the necessary cash resources to operate tournaments, honor our player refund obligations, or pay our other outstanding payables," said Conwell.
Conwell also said Greens Worldwide's proposed merger with Beat The Bogeyman LLC and HyPerformance, Inc., has been terminated. The completion of that deal was contingent on USPGT receiving additional funding.
In another setback for the unraveling tour, its president Gary DeSerrano resigned on April 10, according to Conwell. Two days later Conwell sent an e-mail to its 353 members updating them on the state of the tour.
"We are insolvent and have no cash," he wrote. "Please allow us to work on securing the funding and getting a schedule in place."
In addition to seven tournaments that already had been postponed, the USPGT reported it has cancelled the NTG Classic, slated for April 26-29 in Baton Rouge, Louisiana. It will not be rescheduled even if the tour resumes operations.
Tour members are scrambling to find a place to play, a task that is difficult because fields for several alternative mini-tours already are full.
"A lot of people are in limbo," said USPGT member Alex Rodger.
Added Steve White, vice president of operations of the Hooters Tour: "We'll do our best to accommodate players if we have openings and with sponsors exemptions, but we are busting at the seam."
Other options include the Tarheel Tour, the Cleveland Golf Golden State Tour, the Gateway Tour and the North American Golf Tour. DeSerrano, who founded the Tight Lies Tour before selling it to Greens Worldwide, said he planned to form a new tour with support of Adams Golf.
But that may be too late for players on the verge of giving up their dream – one that likely resonates even more, considering Zach Johnson's rise from obscurity on the Hooters Tour to victory at the Masters. Several players have lost their savings, their sponsors and now can't afford to travel.
"It's a wicked deal," Rodger said. "A lot of lives are going to change because of this."
Labels: Pro Men
posted by Colin |
See story on its own page | Wednesday, April 25, 2007
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