The Economics of the Majors: How Golf’s Four Giants Built Four Different Business Models
A visual mosaic representing golf’s four majors — each with its own identity and business model. From Augusta’s exclusivity to St Andrews’ heritage, the majors define the sport’s economic landscape in distinct ways.
Professional golf has never had a shortage of prestige, but only four events truly define its economy.
The Masters.
The U.S. Open.
The Open.
The PGA Championship.
Together, they represent four different answers to the same question:
How do you make tradition profitable?
Each major operates under a unique structure, audience model, and brand identity — proving that there’s no single formula for success in modern golf.
The Masters: Controlled Perfection
Run by: Augusta National Golf Club (private)
Revenue model: Privately owned, limited commercial partners
Broadcast: CBS/ESPN, but under Augusta’s strict creative control
Sponsors: Fewer than 10 “patrons,” each paying roughly $6–8M annually
Ticketing: Extremely limited, with a massive secondary market
Augusta has built its business on scarcity.
By controlling every inch of the experience — from branding to broadcast angles — The Masters has become the ultimate case study in premium brand management.
Economic takeaway: Scarcity drives desire. The Masters turns exclusivity into its most valuable asset.
The U.S. Open: Democracy Meets Dollars
Run by: The USGA (nonprofit governing body)
Field: Over 9,000 players attempt to qualify annually
Revenue: TV rights, ticketing, and corporate hospitality fund USGA programs
Brand: The people’s major — open to anyone with the skill to qualify
The U.S. Open’s financial model mirrors its philosophy: accessible, scalable, and community-driven. Every dollar cycles back into the growth of the game, funding everything from junior golf to turf research.
Economic takeaway: Volume over vanity. The U.S. Open monetizes meritocracy.
The Open: Heritage as Currency
Run by: The R&A
Geography: Rotates through iconic links courses across the UK
Revenue: Tourism, global broadcast rights, and sponsorships
Brand: Tradition and authenticity — golf’s purest form
The Open is less a tournament than an institution. Its model depends on the enduring power of story and setting. Each host city sees a $150M+ tourism impact, proving that heritage can still drive hard numbers.
Economic takeaway: Legacy sells. The Open’s history is its business model.
The PGA Championship: Commercial Power Play
Run by: The PGA of America
Revenue: Corporate partnerships, media rights, merchandising
Brand: Professional development — bridging elite play with teaching pros
Evolution: Recent date shift to May sharpened its position in the calendar
The PGA Championship isn’t about tradition — it’s about relevance. By positioning itself as golf’s “everyman major,” it’s become the most accessible stage for emerging players while generating commercial returns for the PGA’s broader ecosystem.
Economic takeaway: Access and activation. The PGA monetizes participation as much as performance.
Four Brands, One Ecosystem
Each major plays a different role — The Masters inspires, The U.S. Open challenges, The Open honors, and The PGA connects.
Together, they form the economic backbone of professional golf — not competitors, but collaborators in shaping the sport’s value and meaning.
In the business of golf, tradition isn’t static. It’s strategy.
Stats at a Glance
Estimated Masters revenue: $140M+ annually
U.S. Open ticket sales: $50M+
The Open tourism impact: $150M+ per host city
PGA Championship attendance: ~200K per year