“It was a bet for the city of San Diego, because the city didn't have the money to put up for this bet"

While I enjoyed Brent Schrotenboer and Eleanor Yang Su's look at the complex relationship between The Friends of Torrey Pines and the city of San Diego that left the city out of profiting from the U.S. Open, it was hard not to wonder why this question wasn't raised before the Open.

And while I'm happy for Jay Rains and the "Friends" who pulled off a stunning success in the face of many hurdles, it was always quite clear that appearance of conflict was there. Only now that the Open was a huge success do the city advocates want a piece of the pie. I say, too late!

Anyway, the key numbers, which would seem to back up the Sports Business Journal estimate of a $50 million profit, which David Fay refuted last week. 

The USGA projected in November that it would generate about $58.3 million in revenues from the 2008 Open, according to a city permit application filed by the association. That includes ticket sales, hospitality, concessions and merchandise. Television rights are not included. Sports Business Journal recently approximated those at $40 million and suggested total revenue might approach $100 million.

The USGA estimated its expenses at $51.5 million.

To sum up the projected revenues:

 For the USGA, at least $58.3 million, plus TV deals.

 For the Friends, $5.37 million from rent and hospitality shares, interest and a $950,000 reimbursement from the city for some of the course renovations.

 For the city, about $500,000 in rent from the Friends, plus cost recovery up to $350,000 and another $350,000 for other golf course work.

The city also derived other benefits, many of them hard to quantify, such as five days of national television exposure. Additionally, the Friends said they would give the city $300,000 to $500,000 to improve the irrigation system at its golf course in Balboa Park.