What follows is the complete text of the memo issued Tuesday by Tim Finchem, PGA Tour commissioner, on the actions of the Policy Board.
The PGA TOUR Policy Board met on Monday, Nov. 12, and took action on several key items.
But before I share the results of the meeting, I want to take a moment to thank you for your support in helping to make the inaugural FedExCup such a great success. The FedExCup absolutely accomplished what we envisioned it would by "connecting" the season and providing a strong, compelling conclusion with our first-ever PGA TOUR Playoffs for the FedExCup. It delivered significant value to our players, sponsors, television partners, and added something new and attractive to our fans.
Moreover, the four Playoff events delivered record television viewership at a time when sports fans historically have watched the start of the NCAA football season and NFL pre-season and opening games. We certainly saw a change in the tone of coverage as media and fan interest grew through the season and Playoffs, keeping the focus on our sport through mid-September, and ultimately delivering a fitting conclusion.
So again, thank you for helping to make this happen.
The Policy Board's objective is always to provide the best possible experience for fans, tournaments, sponsors, and, of course, our membership, and to present our sport in the best possible manner. With that as our focus, the Policy Board has approved the following actions:
Policy Board Actions
1) Policy Board Structure
I am very pleased to inform you that Vic Ganzi, President and Chief Executive Officer of Hearst Corporation and a member of the TOUR Policy Board since 1994, has succeeded Dick Ferris as Chairman. As you know, Dick announced in August that he would be retiring at the end of 2007. He has been a tremendous leader in his 14 years as Chairman and has helped guide the PGA TOUR to unparalleled heights as a business. We all owe Dick our appreciation for his outstanding work on our behalf.
As we announced earlier, Edward E. Whitacre, Jr., Chairman Emeritus of AT&T Inc., will be joining the Policy Board as the fourth Independent Director effective January 1. Additionally, we welcome back Brad Faxon and David Toms to the Policy Board, replacing Davis Love III and Joe Durant. This will be Brad's third term on the Policy Board and David's second. We also want to thank Davis and Joe for their excellent service as Player Directors.
2) 2008 Schedule
The Policy Board has approved a schedule of 48 official events that will offer $278 million in official prize money. The 2008 schedule will offer 5,672 playing opportunities for members, up from 5,585 in 2007.
As you can see, no changes were made to the first three weeks of the Playoffs. In deference to the 2008 Ryder Cup, the Policy Board has approved THE TOUR Championship presented by Coca-Cola - the fourth and final PGA TOUR Playoff event - being moved back two weeks so that it will be played immediately following the Ryder Cup in 2008. This move provides a one-week gap between the third Playoff event, the BMW Championship, and the Ryder Cup, so as not to adversely affect either the Ryder Cup or THE TOUR Championship. We felt it was important to give those members of both the U.S. and European teams who will be competing in the Playoffs the ability to prepare for the Ryder Cup while also focusing on THE TOUR Championship the following week.
As a consequence of the move, all Fall Series events will be moved back one week. This situation is unique to next year and we do not anticipate the need to alter the Playoffs schedule beyond 2008. The tentative schedules for 2009-2012 have built-in gaps between THE TOUR Championship and the corresponding team event, either The Presidents Cup or Ryder Cup.
