All 281 golf professionals on the PGA European Tour, the golf tournament body, are to vote to decide on an audit firm to conduct an examination of its accounts.
The decision to appoint a firm to undertake an independent audit follows an agreement reached between the PGA Board and the tour players, represented by Nick Faldo, Jose Maria Olazabal, Bernard Langer and Severiano Ballesteros.
They called an extraordinary general meeting of the Tour to discuss increasing frustration felt by players at the lack of transparency in the PGA’s financial dealings. Olazabal (right) and Faldo are pictured above at the meeting last month. The players believe the PGA’s financial affairs should not be veiled in secrecy.
Questions have also been raised over the #50,000 profits made by the Tour, despite its television income in excess of #15m.
A PGA spokesman said: ‘The PGA will recommend five or six high-profile audit firms, which the players will then vote on in a ballot, with an independent audit expected to be completed by March or May, at the latest.’ The auditors, however, will examine only ‘non-confidential’ areas of the Tour’s accounts.
The Tour’s books are currently audited by Grant Thornton.
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