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Home Daily Golf Briefs Daily Pulse for November 9, 018

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Web Street Golf Daily Pulse
VOLUME 8, NUMBER 220                                                       
Friday, November 9, 2018

ANY IDEA WHO SAID THIS? “Golf courses need flatter greens, wider fairways and not so many bunkers to make amateurs enjoy the game. Amateur rounds are down because they are too expensive and too slow. There must be no restrictions on the weekend golfer. Let them enjoy the round. There used to be the long putter, that was then banned. To hang with that, let them use it.”

BRAIN TEASER: How much does the winner of the Charles Schwab Cup receive?

FUTURE MONEY MAKER? Drive Shack Inc, has added Ken May and David Hammarley to the management team. May, who joins the Company as Chief Executive Officer and President, was most recently the Chief Executive Officer of Topgolf. During his 4 years at Topgolf, he oversaw 24 openings and a quadrupling of the company’s workforce. “Ken has a proven track record as a golf entertainment innovator and operator,” said Wes Edens, Drive Shack’s Chairman of the Board of Directors. “We will greatly benefit from his leadership and experience, which is second to none in the golf entertainment arena.”

Hammarley joins the Company as Chief Financial Officer. He lists two plus decades spent across companies such as sbe and Starwood. Most recently, he was the Chief Financial Officer of sbe and prior to that, he held roles across corporate financial planning and analysis, investor relations, risk management, operational finance and strategic planning while at Starwood.

The Company also announced third quarter results of 2018. It recorded a loss of $15 million for the period that ended September 30, 2018, compared to a loss of $2 million in the corresponding period of the prior year. The year-over-year decrease, according to the company, is primarily due to lower interest income earned from debt investments held during the third quarter 2017 but not during the third quarter 2018, impairment charges related to two golf courses and lease termination charges.

In order to provide capital to fund its growth, the Company began pursuing the sale of its owned courses in early 2018. It said it sold or plans to sell 24 properties for approximately $175 million of gross proceeds by the end of the first quarter of 2019. Drive Shack also reported it has been awarded the opportunity to build Drive Shack New York City, right in Manhattan. Drive Shack said it plans to operate the existing traditional driving range until breaking ground on the flagship Drive Shack venue in 2020

NOTHING PERSONAL, ITS JUST BUSINESS? Tiger Woods has turned down his biggest ever potential overseas pay check to play in the European Tour’s inaugural event in Saudi Arabia next year, amid the international outcry over the recent murder of a journalist. In the past, Woods has travelled to such countries as China and the United Arab Emirates. Yet it is understood he deemed Saudi Arabia to be an excursion too far - even for at least £2.5m - an amount that apparently dwarfs anything he has received before for an official overseas tournament. READ MORE>>>

NAMES TO KNOW: The USGA Nominating Committee has released its 2019 slate of Executive Committee members and officers for the association, adding three new names. Nominated to the 2019 Executive Committee are Anthony (Tony) Anderson of Chicago, Ill.; Deborah Platt Majoras of Cincinnati, Ohio; and Fred Perpall of Dallas, Texas. If elected, which has never an issue in the past, at the USGA’s Annual Meeting in February, they will assume seats vacated by retiring members Greg Morrison, Mark Reinemann and Clifford Shahbaz. Mark Newell, of McLean, Va., has been nominated to serve a second one-year term as president of the United States Golf Association (USGA). Stuart Francis of Hillsborough, Calif., has been nominated as president-elect, a position created to provide committee leadership succession and continuity. Currently serving his fourth year on the governing board, Francis chairs the USGA Championship Committee and serves on the Equipment Standards Committee. 

“This is an exciting and pivotal time at the USGA, as we continue to undertake game-changing work to ensure a healthy future for golf,” said Mike Davis, CEO of the USGA. “The business acumen, executive-caliber skill, and governance experience demonstrated by these nominees further strengthen an already exceptional group of leaders who genuinely care about the game. We are thankful for their willingness to give back to the game.”

Tony Anderson served as vice chair and an executive board member of Ernst & Young from 2000-2012, capping a 35-year career with the leading global accounting firm. Deborah Platt Majoras is the chief legal officer and secretary for The Procter & Gamble Company, leading nearly 500 lawyers and professionals in its corporate governance responsibility. Fred Perpall is the chief executive officer of The Beck Group, leading the firm’s domestic and international architectural design, planning, real estate consultancy and construction businesses.

WHAT SEPARATES GOLF FROM EVERYTHING ELSE! Damon Green, caddie for Zach Johnson (71/T91 after the first round of the Mayakoba Golf Classic), suffered dehydration after 14 holes and could not continue. Sybi Kuchar, wife of Johnson’s playing partner Matt, stepped in and took the bag for the last four holes, during which Johnson made an eagle (No. 7). Kuchar, Matt, meanwhile is in a three-way tie for first place. His opening round 64, with the Mrs. working for the opposition, marked his lowest opening round on TOUR in 49 starts (644 days)! 

WEB GEMS:

WORK AND PLEASURE: Matt Kuchar decided at the last minute to play the Mayakoba Golf Classic and made it look like a smart move Thursday. “It’s an amazing resort, Mayakoba. So to be able to bring the family to enjoy some vacation time, it’s a bit of a working vacation,” Kuchar said. “I had a good time at the office, as well.” Most players did, with more than half of the 132-man field in the 60s. Jordan Spieth was not among them. READ MORE>>>

THE FINAL PUSH: Paul Goydos and Tim Petrovic shot 8-under 63 on Thursday to share the lead in the Charles Schwab Cup Championship, leaving points leader Bernhard Langer seven strokes back in the PGA Tour Champions’ season finale. READ MORE>>>

ANSWERS: “Golf courses need flatter greens, wider fairways and not so many bunkers to make amateurs enjoy the game. Amateur rounds are down because they are too expensive and too slow. There must be no restrictions on the weekend golfer. Let them enjoy the round. There used to be the long putter, that was then banned. To hang with that, let them use it.”--Gary Player.

At the end of the season, the top-five players in the Charles Schwab Cup standings will earn a share of the $2.1 million purse of bonus annuities. Entering the season finale, the top-18 players are mathematically capable of finishing in the top five of the standings.

Bonus structure: 
1st: $1,000,000 
2nd: $500,000 
3rd: $300,000 
4th: $200,000 
5th: $100,000

THE INFORMATION CONTAINED IS BELIEVED TO BE RELIABLE, BUT IT IS NOT GUARANTEED. THE OPINION EXPRESSED IS THAT OF TERRY MCANDREW AND SHOULD NOT BE CONSIDERED A SOLICITATION TO BUY OR SELL SECURITIES IN ANY OF THE COMPANIES DISCUSSED WITHIN THIS NEWSLETTER. CONTENTS OF THIS NEWSLETTER MAY NOT BE REPRINTED OR REBROADCAST WITHOUT THE EXPRESSED WRITTEN CONSENT OF TMAC GOLF