R&A Rolling In Cash!

The R&A makes news with this release in several ways.

One, they are actually sending out a press release on their finances, which the USGA does not do. Second, the R&A actually made money last year, unlike the USGA! That said, the R&A doesn't do many things the USGA does, so maybe they can't start coughing up a little of their profit, you know, for the effort.

Finally, and best of all, last year's R&A press release on 2005 finances was sent out May 25, whereas this year's goes out June 11 on the eve of the U.S. Open. Did someone at the R&A want to add some fun to Wednesday's USGA press conference?

R&A REPORTS STRONG FINANCIAL PERFORMANCE AND NEW ASIA-PACIFIC FOCUS IN 2006 ANNUAL REVIEW

The R&A, golf’s world rules and development body and organiser of The Open Championship, reports a strong financial performance, including increased support for golf development projects, and a new focus on the Asia-Pacific region in its 2006 Annual Review published today.

Operating profit, for the year to 31 December 2006, stood firm at £9.1m (£9.1m) after increased grants totalling £2.9m (£2.3m) were awarded to external golf development bodies. The surplus was again taken to reserves to ensure continuity in The R&A’s global governance role at no cost to the sport.

Also, at the year-end, The R&A’s founding club, The Royal and Ancient Golf Club of St Andrews, made the last in a series of asset allocations to The R&A Foundation, taking its net assets to £13.3m (£11.4m). The Foundation made increased awards in the year totalling £1.6m (£1.4m) to golf-related educational programmes.

More work in the Asia-Pacific region is reported where The R&A has its first Regional Director in post and where initiatives such as an agreed programme with the China Golf Association, to train over 100 new Chinese golf referees, is underway.

Commenting on the year under review R&A Chief Executive Peter Dawson said:

“The Open at Hoylake was both a great Championship and a strong commercial success. We forecast £50m in golf development funding and other governance benefits for the game, by the end of the decade, when we adopted corporate ownership structures in 2004 and we will deliver on this ahead of time.”