'Cash is king': Saudi-funded LIV golf league existential threat to Canada's national golf championship oconnorwrites
“Honestly, it has been a ride,” said DePaoli, Royal Bank of Canada’s chief marketing officer and the bank’s lead executive on the golf file, which included, until recently, sponsoring Johnson, who was scheduled to play St. George’s Golf and Country Club in northwest Toronto this week.
Dustin Johnson celebrates with fiancée Paulina Gretzky after winning the Masters at Augusta National Golf Club in 2020.LIV isn’t simply golf’s version of the World Hockey Association of yore, which landed a bunch of big names with the promise of untold riches. Bobby Hull, Frank Mahovlich, and Gordie Howe and sons all lined up to cash WHA cheques, but pretty soon those cheques started bouncing.
Powers describes himself as a “crappy” golfer. But he has some pals in high places, including RBC, which is how he wangled an invite several years back to the RBC Heritage, the PGA tour’s stop in Hilton Head, S.C. RBC’s interest in sponsoring a major golf event in the American south makes sense. The bank expanded into the U.S. about 20 years ago, and it has a substantial wealth management and investment banking business there. The people who need their wealth managed, and do deals, tend to be the same people who watch and play golf.Article content
“We have tried to elevate our event to top flight status,” Laurence Applebaum, chief executive of the Canadian Golf Association, the country’s governing body for golf, said. “We want it to be the best PGA tour event of the year.” The Canadian Golf Hall of Fame member said the trouble with passing moral judgment on those players who take the LIV money and run is that most of us have never had a guaranteed offer of US$125 million to consider. Ask yourself this: Would you say no?
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