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CHARLES SCHWAB CUP CHAMPIONSHIP

October 27, 2005

Rick George

SONOMA, CALIFORNIA

JEFF ADAMS: I would like to welcome everybody, and this is Jeff Adams with the Champions Tour. I'm joined here with Rick George. We're in the media center at the Sonoma Golf Club at the Charles Schwab Cup Championship. Play got underway about 20 minutes ago. Peter Jacobsen and Eaks are leading the groups out there. We're not only going to crown a tournament champion on Sunday, but a Charles Schwab Cup winner as well. Mark McNulty is the defending champion in this tournament and Dana Quigley leads Charles Schwab Cup points race.

For the only time, there are only 13 players who mathematically can win the Cup. I think we're in for another exciting finish like we had last year.

With that, I'm going to turn it over to Rick George president of the Champions Tour.

RICK GEORGE: Good morning, everybody. I guess I'll start off with the Tour where we're at competitively and talk a little bit about the business of our Tour and then kind of look out to 2006 and see where we're going.

This year, we welcome several new players to the Champions Tour, Curtis Strange, who finished in the top 50. Ron Streck came out and won the Long Island Classic. Brad Bryant, new face on the Tour this year, top 25 finish here at Sonoma this week. Loren Roberts, who came out, he's played five events, he'll play his sixth event today, he won the Tradition earlier in the year. He has had a great year in the short events he's been out here. Jay Haas has really come on as of late, won two of the last three tournaments.

All of these guys are making a tremendous impact on this Tour, have had great years and helped elevate the competitive nature of this year. I have to mention Allen Doyle and his great round on Sunday at the US Senior Open, historic round shooting 63, probably one of the best rounds in history shooting a 63 to win the US Senior Open. It was a tremendous feat. It was a great accomplishment by Allen.

We have had 19 different winners this year up to this point. I mention that because we talk about the competitive nature of this Tour, and I would venture to guess that 19 out of 27 winners shows the quality of the competition on this Tour. It's really spread over the demographics of the age group. You know, you used to think at 55 you hit the wall, but it's really spread out with Hale having a terrific year with four wins and Dana having a terrific win in a season at 58.

It's really raised the bar on this Tour, and to have 19 different winners is significant. Our scoring average again continues to improve on this Tour, and again that speaks of what these guys are doing on the golf course week to week. They've really just elevated their games and done a terrific job. The Charles Schwab Cup is coming down to the final week. Last year, as you know, I think it was the final group on Sunday before that was determined, and this is an important week for our guys, obviously for a lot of reasons, but to win that cup.

And going into this tournament, there are 13 players that mathematically have a chance to win the Charles Schwab Cup Championship. I think that's significant. I think there are going to be some great stories this weekend, great story lines. I don't know how in the heck we're going to figure it out when they're all coming down the stretch, but we'll give it a try. It will be interesting. I think it will be an exciting week.

Obviously, Dana is in the driver's seat, but there are a number of players that can overcome that.

Our two big races of the year are Player of the Year and our Rookie of the Year, and they are really coming down to this weekend as well, which is really great. The Player of the Year, I think a lot of people point to Hale and Dana as the two leading contenders, but if somebody can come out and have a great weekend and really put a cork in the race for the Player of the Year, it will be interesting to see how that unfolds this weekend.

The Rookie of the Year is going to be an interesting one as well. You've got Brad Bryant, who has had a terrific consistent year being in the top 25. Was very close to getting a win a couple years ago. Then you've got Loren Roberts, again who one the Tradition, and has had a great year in the short six events, and Jay Haas playing in his tenth event has really raised the bar on his game. At the end of the year, to be able to have that success, I think is important for him. I think both of our races are going to be interesting.

We feel like it's been a great year competitively on this Tour. Our guys continue to raise the bar on their play, and I feel good about where we're heading with that and the golf courses we're playing and the competition that we have out there.

From a business standpoint, we celebrated our 25th year this year, which is a significant milestone for this Tour. We're proud of what we've done over the past 25 years. It's been a great year to get the PGA Tour guys doing PSAs to congratulate the Tour. It's brought the two tours some closeness a little bit more.

We have had our 25 memorable moments we have been running on The Golf Channel. The last four will be run in successive days for Thursday, Friday, Saturday and Sunday, so that will be running. That will culminate our 25th year. These 25 years have been great, and we think the next 25 will be as good or better.

Our fan features, we're in the third year of them. We feel good about what they're doing for our tournaments and bringing our fans and sponsors closer to the players. It's also helped us create story lines early in the week at tournaments with our media golf or caddy for the day.

We have our observers that went off with the first group. I think it's unique in the sport to be able to be on the playing field at the same time the players are competing. We think our fan features have been good for this Tour, and we're going to look at them in the next couple of months and determine are we going to add or delete to those as we move forward.

We developed a strategic plan. We're in the first year of that plan. There are seven key strategies that are part of that. I can tell you we've made significant progress, but I'll not bore you with all the details. We have made some significant progress, and it's given us a road map on where we want to take this Tour. We're in the process now of evaluating all the strategies. We have done five strategies today, and we evaluate what we've done in those strategies, and we have then what we call brainstorm sessions when we look to see what we can do differently that continues to elevate this Tour. We've got a good plan, and we're real focused on what we're doing now.

I would say, as the year closes, all of our indicators for this Tour are positive, and we feel real good about that. Our attendance is up for the third year in a row, despite some weather we had. I think we had three tournaments that went to Monday this year, Kansas City, Outback, and there was one other that we went to Monday, Pensacola, so all three of those events went to Monday and difficult weather, but we still continue to grow our attendance, and I will tell you it will be a focal point for us moving forward.

Our Golf Channel and network numbers are up. That's another good positive indicator that we're starting to gain some momentum and draw in more fans for this Tour. Probably the biggest indicator that shows the health of this Tour in my opinion is where our charitable dollars are going. The reason it's such a positive indicator means our tournaments are healthy. The more money we give to charity each year shows the health of the tournaments. And our purses continue to grow at the same time as well. It's a positive indicator on what our tournaments are doing.

We exceeded the $10 million mark again this year. Last year I think was the first time we hit that. We exceeded that amount this year by about 4 percent with one less tournament. We feel good about that. All of our indicators are positive.

We're also very proud to be apart of the Drive to a $1 billion. That is a significant milestone in any sport, and the PGA Nationwide Tour and the Champions Tour hopefully by week's end will reach that $1 billion number. It's taken us 67 to do and we guesstimate it will take us 10 more years to hit the second billion. It's something that we're real proud of.

One other thing that I'll mention before I talk about '06 is our players and our sponsors are the reason we're so successful. Our players do a tremendous job. I sat in the chow hall yesterday when they came off after the Pro Am, and you look around at each table, and our players are sitting there with the guest of our sponsors, our title sponsors, and they do a terrific job interacting with the sponsors' clients, guests, fans.

At the first tee, I saw Peter hamming it up with the crowd. It's just something our guys do that separates us from I think most professional sports, because our guys get that they're our number one asset, and they do a great job.

Looking to 2006, we feel strongly not only 2006 but beyond that. We added one title sponsor that actually has two events. We added Boeing to our Seattle tournament, and I will tell you for a first year event, it was one of the most successful we have had. We have had two first year events. Last year we had Adminstaff in Houston, which was tremendously successful. This year in Seattle we had a great event at the Boeing Seattle Classic. I think, as our Tour grows, we're going to grow the quality of our tournament too.

It's something we worked very hard on with our tournaments, but we've added two great events. That's what we've got to do when we look forward. Boeing is going to title the tournament in Seattle, and then their Defense Division is going to title the event that used to be in Pensacola last year that's moving to Sandestin. So we've got one title sponsor with two different tournaments. We feel good about that.

We also had about six to seven extensions this clear of our arrangements with our title sponsors, some of them that take us through 2010. We anticipate in the next three to five months that we'll extend three to five more tournaments. With the extensions, we're at 22 events for 2007 already. We anticipate with these renewals that we get in the next three to five months that we'll be right at the number we're at today, and we're looking at a number of potential markets to add a tournament or two to keep us in the 28 to 30 range moving forward.

We expect to release our schedule in the next two weeks. We're close. We're just waiting on a couple sites that may change. A couple of the things that you will see is we're moving the Blue Angels Classic from Pensacola to Sandestin. I think the guys will really enjoy that we've added a new event in Puerto Vallarta. That breaks up that time frame where we had 4 weeks off, which I don't think is healthy for this Tour. It's going to be in the time frame around the Masters and the Players Championship. So, we feel good about that.

We've got three great venues for our Majors that rotate sites. We've got Prairie Dunes at the US Senior Open. We're playing at Oak Tree and we're back to Turnberry for the Senior British. We really like that, as they complement the tradition. We expect our purses to grow again this coming year, and it's hard for us to tell you where that number will be, but it will be around the $52 million range. We're still working on one event to add to the schedule.

It's an event that we're trying to get sponsorship for in Kansas City. If we do that, we will be at 29, but we look to play for another record average purse, so purses continue to grow and our events continue to be healthy. Our events again will be telecast on The Golf Channel, other than the six events that we have on network, and we've got a good relationship and partnership with The Golf Channel.

As far as the players in '06, we anticipate with the healthy Peter Jacobsen, he will play out here. We hope and believe that Jay Haas will play more out here in 2006. We also hope that those guys will be joined early in the year. I think Scott turns, in a week or two, 50, and we anticipate that he will be out here next year.

And then our Players Championship winner will hit the scene in the middle of June. Even though he has an exemption on the PGA Tour for five years, he is a neighbor, and I kind of strong armed him to make sure he will come out here and play, so we anticipate that next year as well.

And then '07 really is a year where there is really a strong rookie class that will be coming out with significant names. In the next three to four years, potentially we could have 33 PGA Tour players come out and play this Tour. So, it's something that we're pointing to. It helps us keep a happy face on the bright future we're starting to develop, and with the extensions we've got and the relationships that we have with our sponsors, we look forward to another great 25 years with the host of great players coming out to play to complement the group that we have.

It's been a great year for the Champions Tour. I can honestly look back and say that I don't think there's been anything I wish we would have done better. I think our staff has done a great job. Our tournaments have elevated their performance, and, as I said, our players have just had a terrific year competitively and from the interactive nature they have with the fans.

With that, I'll put it up for questions.

JEFF ADAMS: Again, we'll take questions from the room here and then folks on the line. The first question?

Q. Rick, this may be an apples and oranges type thing, but baseball just went through a record attendance, however the television ratings are the lowest ever. How significant are the television ratings to the Champions Tour?

RICK GEORGE: I think they're real important to us, and I think every opportunity to be on network and get in front of a large audience I think is significant for this Tour. We're in the infancy of our rebranding of this Tour. We're in the third year from changing from the Seniors Tour to the Champions Tour. I think it's important for us to be on the national scene as often as we can.

Whether it's network or whether it's watching The Golf Channel, it's one thing that we're focused on with The Golf Channel and our pitch with them is to continue to elevate that broadcast. Let's face it, the majority of our fans are watching from the TV, and when they come on site, we have to make sure they have a great experience.

Q. Rick, the LPGA has gotten a good bit of energy in the last few months with new arrivals. (Inaudible.)

RICK GEORGE: I look at the LPGA, and certainly they have some young players out there that have really hit the scene. I think it's been fun to watch and good for golf in general. I think the viewership and attendance for all Tours is going to continue to grow, because I think it's a great sport that, you know, talks about a lot of the key values that people possess, and our players on all four Tours, I guess, really handle themselves well in great situations.

As we look at the competition out there in the marketplace, certainly, you know our biggest competition is our young brother, the PGA Tour, and the LPGA is certainly there, but you've got Major League Baseball. The marketplace is crowded with sports in general. One of things I continue to preach to our staff is we've got to be very aggressive in our approach. We think we've got a great product to sell. I would argue today that we've got as much name recognition and star power on this Tour as any Tour.

You look at the players that are on this Tour and the players coming out, and so what we've got to do is continually find our niche, which I think we have. I think our players do a great job interacting with the public and the sponsors. I will venture to guess and say that we're the best business to business marketing sport in the country. What our guys do with sponsors is significant, and I think our sponsors would tell you that. We've kind of found our niche. We're that competitive, fan friendly, interactive business to business marketing sport that really has a niche in the marketplace.

Really, it's like anything else, you've got to find your niche and promote to that niche, and to that audience and continue to grow it, and I think some of the associations that we have, for an example, the Wal Mart First Tee Open is a great platform for us to play with juniors. It's all about the experience when you hook them to come out there.

Q. Can you sort of address the future of the two northern events. If I understand correctly, you have one more year in your contract here. Will other events maybe try to adapt the unique format? What do you see going forward?

RICK GEORGE: I don't know that they'll adopt that. I think the Wal Mart First Tee Open continues to grow each and every year. I think as you look at it, there are so many great story lines with these young people. I think it's something that's successful. We're actually playing at Pebble Beach at least for 2007, and we're in discussions with them moving forward, and similar to the Sonoma Golf Club, our players like it. Our sponsors like it. We've got another year, I think, on our contract that we'll sit down with the people here and discuss the future.

It's a great place to end your season, and our players have certainly enjoyed it. The community has been great, and, you know, it's just been a good spot for us, and so we'll look at it and sit down with the club and determine the future.

Q. (Inaudible.)

RICK GEORGE: I think next year Del Monte I think it was a good course for us. If you look at the scores out there, they didn't light it up like some people may have thought. Actually, a number of our players and PGA players I guess played the Callaway Invitational there and said it's not as long as most courses, it's challenging, and you don't see the scores. We'll probably be back at Del Monte this year again.

JEFF ADAMS: Any other questions here in the room before we go to the phone?

Q. We talked earlier this summer and then a few weeks ago about this being in a way kind of a make or break year for this venue, not necessarily predicated on attendance, but in a way to see how the community responded. Is that still the case?

RICK GEORGE: We always look at everything. We're trying to elevate all of our events, and we're pushing them, and our championship management group does a terrific job. I know walking in here, the people out there today is a significant improvement than last year. What they've done with the clubhouse here is spectacular. As we look at it, we evaluate everything, but I think the early indicators are all very positive, and we'll sit down through the course of the weekend with Charles Schwab Company and Price Waterhouse Coopers and the Sonoma Golf Club and talk about the future.

Q. The golf course has been absolutely spectacular too?

RICK GEORGE: Our guys are raving about the golf course, and somebody, I can't remember which player it was, told me it was the best fairways we've played all year. They said the greens are rolling perfect, and they're quick, and with the rough that we have out there, it's going to be an exciting weekend. It's going to be good golf.

Q. On the golf course, what kind of feedback are you getting from the players about the wine festival?

RICK GEORGE: I think our guys like being in this area and travel to the different wineries, but there is really not a lot of time to do that. But again, it's a great spot for us to be, and our players really enjoy it and their spouses and families. It's been good the first few days.

JEFF ADAMS: Anybody else here in the room?

Okay. We'll turn it over to the AT&T operators. We've got a couple folks on the line who may have some questions.

Q. Rick, I wondered if you could expand a little bit about Kansas City? Is there basically a week or two week deadline right now? What do you think the situation is for the event here?

RICK GEORGE: By the way, hi, Michelle, how are you doing?

Q. I'm doing all right.

RICK GEORGE: I think the time frame is about right in the next week or so. We would like to announce our schedule. We have been working closely with the people in Kansas City to try to keep this event moving forward. We feel good about the progress that we've made. We really thought last year was a terrific year for the tournament, and you know the golf being at that golf club was a positive step. Being in Johnson County and Overland Park, we thought that was a good move.

We have been working on it diligently for the past couple of months and will continue. While we may have a deadline that's out there, I think that at the end of the day, if we can get it done, you know, we will add it back to the schedule if need be.

Q. So, if you basically have a situation that comes up where you could put together maybe two or three different sponsors just for one year and then basically give yourself another year to work on something more permanent, would you guys do that?

RICK GEORGE: Yes, we would. No question. Again, we our players really enjoyed it. It was a great week despite the weather that we had. Where we've got it slotted currently would be prior to the US Senior Open, which is in Prairie Dunes, which makes great sense. You know, we hope to be able to get that done. It would be disappointing if we didn't, but it's something that our staff and the staff in Kansas City are working on pretty diligently.

Q. One other thing, about the Senior Open being at Prairie Dunes, can you talk about what you've heard as far as feedback from players, people who have played it or heard from other who played it?

RICK GEORGE: Really, the consistent comment that we've heard is that it's going to be a very, very tough and challenging golf course, and our guys are actually looking very forward to coming there, and I know we had one of our staff officers went and played there yesterday and said, if the wind gets blowing, it's going to be a difficult course.

Q. This is I have one quick question and a couple of quick follow ups. First one, can you give me an assessment of the Kinko's Classic after three events in Austin?

RICK GEORGE: Actually, we think we're making very good progress there. As you know, FedEx Kinko's extended their relationship with us, and we feel good about that. Our Pro League Sports Group that runs that event does a terrific job. I think we're making the right kind of progress. I think next year will be a significant year for the tournament, because I think it will take that next step.

Q. Meaning what?

RICK GEORGE: Meaning that I think the crowds and the look and the feel of the event will be a little bit different. I know Rick Gardner, who is the head of that foundation that runs the event, has really got some great ideas to elevate that event. I think we get a great field every year, and the next step really is to get more people out there and to button up the look a little bit, and I think they'll do that.

Q. Thank you. Two quick follow ups. Do you expect a return to North Texas in the foreseeable future, and in South Texas, the SBC, do you believe that might go to the TPC in San Antonio?

RICK GEORGE: You know, I'm not sure. It really depends. Our guys really love Oak Hills. I think, last week, I mean, you could ask our guys, and they say some of those guys have been playing that golf course for a long time and will tell you that was the best shape the golf course has ever been in. If we do move from there, we will just have to see. I think it's obviously, you build a TPC course in mind to host an event, but that doesn't necessarily mean that we'll move that event, because our players have really enjoyed Oak Hills, and it's been a real positive stop for us.

Q. And North Texas?

RICK GEORGE: Not at this point, you know, we don't have any, but again, we're constantly looking at different markets, particularly markets that we may be able to play in April or potentially in the fall, even though our fall is a little crowded. We're really focused on our first and second quarter events, and those need to be warm weather to play that. That would really shore up our schedule.

JEFF ADAMS: Okay. We thank everybody in the room for joining us. We thank those on the telephone, and we look forward to a great week here in Sonoma at the Charles Schwab Cup Championship. Thank you everybody.

End of FastScripts.

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