HOUSTON — The Houston Open golf tournament earlier this year lost more than $100,000, forcing operators of the PGA tour stop to dip into reserve money in order to meet charity commitments, the Houston Golf Assn. said.
"The losses were a little greater than we expected but, considering the losses, I think our board showed optimism," Duke Butler, executive director of the Houston Golf Assn., said.
The financial loss was the first for the tourney since 1966-67, when it was rained out and had to be rescheduled.
Tournament officials had to scramble in their fund-raising efforts when Coca-Cola withdrew its sponsorship, worth $500,000. The break-even point for the tournament was about $1.5 million.