The Masters Tournament is the men’s professional golf event the most prestigious and it seems it magnifies every year.

The prize money definitely increased in 2022, as the purse soared to $11,500,000, including $2,700,000 for the winner, Scottie Scheffler. That’s up from the $2,070,000 earned by Hideki Matsuyama in 2021.

Prizes aside, there’s plenty of green at the Masters (pun intended), but according to one Forbes reportthe folks at Augusta National Golf Club could earn a lot more.

We all know that the club plays a lot of things near the vest. Very little comes out of the way he conducts his business. It’s a private club and the members like it. And it’s all good.

But in the Forbes article, journalist Justin Teitelbaum extrapolates some interesting numbers. He writes that the 2022 tournament generated, according to his estimates, $142 million. Meanwhile, the 2022 US Open hosted by the US Golf Association will bring in $160 million.

The distribution of masters by Teitelbaum goes as follows:

  • Goods, $69 million
  • Badges, $39 million
  • International TV broadcast rights, $25 million
  • Concessions, $8 million

Do you notice that something is missing? North American TV rights. This figure is $0. The US Open will collect $93 million from its domestic television rights.

This is perhaps the most interesting financial angle of the entire tournament, as Teitelbaum writes:

Augusta has just six sponsors – AT&T, Delta, IBM, Mercedes Benz, Rolex and UPS – who share a bare minimum of four minutes of commercial time per hour of event coverage. Most of the sponsorship money goes directly to Augusta’s media partners, CBS and ESPN, to cover production costs, the rest will pay to run hospitality events for VIP customers. Given that the US Open generates at least $15 million a year in sponsorship revenue, it’s safe to assume that the Masters could bring in at least $20 million, thanks to its much higher TV viewership. The Masters generates no national television revenue as its agreements with CBS and ESPN allow Augusta complete control of the broadcast in exchange for no compensation.

The advertisements on the course of these six sponsors are not even minimalist; they are non-existent. There are no advertisements anywhere on the property. This is one of the charms of the event.

According to Teitelbaum, Lee Berke of consulting firm LHB Sports, Entertainment and Media says the national television rights would be worth more than $100 million.

Admission to the Masters is the best deal in the area of sport. In other words, if you can get hold prices at face value, that most people can not. Nevertheless, said the Forbes report:

Being conservative, if Augusta would charge half the secondary market price, his badge of income would rise to 185 million.

Bottom line, the Masters could make $269 million more than it does.