Sports is taking a big hit in this bogie economy

Golf courses, country clubs and golf equipment manufacturers all around the country are reporting losses. Not just in golf balls or bets lost by weekend golfers hoping their game shows up just in time to take a buck from their bosses. But in revenue that has suddenly dropped quicker than a handicap after a hole-in-one.

And the follow-through of this economic downturn is spreading throughout the sports world.

Yesterday GM and Tiger Woods announced they are parting ways. Not surprising since Tiger’s $7 million deal with GM is up next year, while GM executives have been ridiculed for taking private jets to Washington to ask for billions in bailout money. Tin Cup was a great movie, but watching auto executives use a tin cup to ask for a Washington handout made me think Kevin Costner had a better shot.

What will happen to the former Wachovia Center in Philadelphia, home of the Flyers and 76’ers, now that Wells Fargo has taken over the failed bank? AIG needed a U-S government bailout, but will it continue to sponsor Manchester United, probably the most valuable sports franchise in the world?

Sports franchises in general are being whacked by the economic downturn. NASCAR may have problems getting stalled car manufacturers to pony up sponsorships. Selling luxury boxes to corporations for sporting events may not seem so sporty to stockholders. And paying super-stars exorbitant salaries while their fan base is sitting in an unemployment line instead of a ticket line may be tough for management to explain.

So what will the response be from the money boys in sports? ESPN Sports reports that the Denver Broncos fired some staffers, including its popular fan blogger, who was the best cheerleader the team had on the field. I guess that was easier than asking some of their multi-million dollar prima donna sports idols to take a small pay cut. Or maybe the owners could cut back on mini-bars in their skyboxes.

Don’t get me wrong. I love sports. But let’s hope today’s economic losing streak shows athletes and owners that winning at all costs does have a price tag. You can also lose.

(Brian Banmiller is a national Business Correspondent for CBS News Radio, free lance writer and public speaker. The former television business news anchor in San Francisco can be reached at brian@banmilleronbusiness.com .)