By petedirenzo
Monday, August 02, 2010

Unlucky Investment Padraig Harrington, winner of three majors and the No. 15 player in the world, made one very unfortunate investment, according to the Belfast Telegraph.

Golf champion Padraig Harrington has lost around €4m in a failed investment in a UK technology firm, according to a recently filed court document seen by the Sunday Independent.

An administrator's progress report, placed before the High Court in Bristol in the UK in June, shows Harrington lost £3,361,716 through his investment in U4EA.

While the popular golfer, who is participating in 3 Irish Open in Killarney this weekend, is expected to earn a multiple of his reported wealth before his playing days are over, the loss of €4m is likely to be painful.

Last year, Harrington quashed rumours he had lost significant sums of money as a result of the economic downturn. "Nasty things have been said about me and I really don't want to lend credence to them by making any comment. For instance, one of the tabloids wanted to know if it was true that I had lost €20m in investments with (Bernie) Madoff, (Allen) Stanford and a few others. They were obviously keen to cover all the bases.

"The answer is that I haven't lost greatly in any ventures. I will not suggest that I was immune from everything, but nothing has happened that has had any material effect on me, financially."

Going Low Sydney Morning Herald's couldn't have come at a better time
He was walking before the last putt dropped in, a curler from just beyond three metres. It was always going in, it was that kind of day. And with that, Stuart Appleby stepped into the golfing stratosphere.
A final-round 59, making him only the fifth player to have broken 60 on the US PGA Tour, gave Appleby victory in the $US6 million ($6.6m) Greenbier Classic in White Sulphur Springs, West Virginia, the Australian's first win on tour since 2006.

"We spend so much time trying to have rounds like today," Appleby said. "Forget whether it's a 50-something, you're just trying to have rounds where you're scaring the hole. And when you do and they drop, it's a pleasant feeling. You just never seem to get enough of them."

The irony is that he has been enduring the toughest stretch of his career; indeed his future was being questioned. Appleby failed to secure his tour playing card after finishing 147th on the money list last year, and had to use an exemption for being in the top 15 on the all-time money list to keep his playing rights.

Astonishingly this was his 11th tournament in as many weeks, for until now he has not had the luxury of stopping. In 23 previous tournaments this season - that number is a full season's worth for most players - he had just two top-10 finishes and missed the cut 11 times. His world ranking had slid to 159th against career-highs in the teens, and he needed to keep playing to make some cash since only the top 125 on the money list go through to the next season.

Appleby said the win had "given some real valid weight to the time you spend on the range frustrated, and there's plenty of that."

Bowing Out wisely changed his mind
Ray Halbritter is the CEO of Nation Enterprises and, consequently, the boss of the Turning Stone Resort. By being the big cheese at the title sponsor of next week's Turning Stone Resort Championship, he thought he would insert himself into the field as a sponsor's exemption.

Why not exempt yourself from the tournament your company - and ultimately you - decided to sink millions of dollars into sponsoring?

Well, despite passing the PGA Playing Ability Test to meet minimum requirements for an exemption, Halbritter drew a plethora of criticism from all comers for his decision to take a spot away from a professional seeking a crack at the four million dollar purse. This evening, Halbritter issued a statement announcing his withdrawal from the tournament.

"My intention in qualifying to be eligible to play in our Turning Stone Resort Championship was to participate in a competitive opportunity which any golfer would enjoy. In addition, given the responsibilities of my position as I mentioned in some interviews on the exemption issue, I wanted to use the platform afforded by our event to show the public, particularly American Indian youth, what can be accomplished by someone with a challenging background who puts his mind and heart into it."

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