A Bayou Bailout
Louisiana's state legislature is preparing to bail out the money-losing TPC Louisiana outside New Orleans, site of the Zurich National event on the PGA Tour. If approved, the state money would come to $9.2 million, reports the Times-Picayune, on top of the $18.4 million Louisiana has already spent on the project.
The fear is that the course's financial losses will drive away PGA Tour Inc., which operates TPC Louisiana. Apparently there's a clause in the course's contract that would allow it to revert to the private donors of the land unless it is maintained by pro golf tournament operators.
The course, designed by Pete Dye, was named one of Golf Digest's Best New Upscale Public courses when it opened in 2004.
Not everyone thinks the bailout is such a great idea, particularly since Louisiana is facing big budget cuts. "We ought not be in the golf course business, " the newspaper quotes state Sen. Rob Marionneaux as saying. Marionneaux leads the Senate revenue committee. "Particularly this year we ought not to be doing it," he said.