Johannesburg - There are no safe havens in the current economic climate - particularly not on the golf course.
The financial sector, which represents a quarter of the advertising income of the world's biggest golf tournaments and almost a third of the sponsorships, is going through its worst crisis in years.
Thirteen (30%) of the 44 sponsors of the American PGA tour are in the financial sector, with two more in the insurance sector. About 14% of its sponsors are in the car industry, which is also suffering.
Six sponsors have already pulled out of the Sony Open in Hawaii. The Arnold Palmer tournament has also lost a sponsor.
Wachovia and Merrill Lynch, two title sponsors, have been victims of the credit crisis. The Wachovia tournament will go ahead thanks to assistance from Wells Fargo, its new owner.
Travellers has been hit by a loss of more than $1bn due to claims related to hurricanes and the future of the Memorial tournament, supported by Morgan Stanley, is reportedly uncertain.
The PGA has denied any immediate sponsorship concerns. About 75% of its contracts are in place until 2012 or longer. Only the US Bank championship's sponsorship will end before 2010.
Steve Dennis of the PGA says that his organisation has not received any queries from sponsors wanting to exit long-term contracts.
With more than 100 sponsors for the PGA, Champions and Nationwide tours, some will always pull out - but so far, there hasn't been a big fall-out due to the economic crisis, said Dennis.
However, economists expect the situation to become much worse. After all, overdue payments on debt in the US have ballooned to three times the national gross domestic product - $50 trillion.
Some PGA sponsors like FBR, Northern Trust, Zurich, Barclays, Royal Bank of Canada, Deutsche Bank and Banco Popular probably won't prioritise golf if their businesses come under increased pressure.
An additional worry is the PGA's dependence on television networks.
They may deny it, but PGA and television network bosses are counting the minutes until Tiger Woods makes a comeback.
Since his last operation, the number of golf viewers has declined by 36%.
Women's golf has also been badly hit. The LPGA has lost the support of ADT Security and had to cancel four of its tournaments the past couple of weeks.
In Australasia, the future is also uncertain, with two of the three biggest tournaments without sponsors.
European tournaments are probably the best positioned. The "Road to Dubai" tournament schedule has received a cash injection of €14m from the Dubai-based Leisurecorp. Huge television contracts agreed with Sky Sports and the BBC in January will also come into effect.
Tournaments will also be less affected because fewer sponsors are in threatened industries (three in banking and three in the vehicle industry). The fact that tournaments are spread across a range of different countries also brings a measure of stability.
South Africa's Sunshine Tour doesn't have that many financial sponsors, which should come as a relief.
But the effect of the economic turmoil - which resulted in a much weaker rand - will soon be felt by golfers, who will have to pay much more for equipment and clothes. Higher membership fees, due to the rising maintenance cost of golf courses, will also result in fewer players.
- Rapport