New Zealand Golf is in the black for the first time in three years but admits its financial forecast for 2005 is gloomy.
After a combined loss of $400,000 in 2002 and 2003, the national body today announced a modest $38,540 profit for the 2004 calendar year at its annual
meeting in Petone.
However, a $450,000 loss will appear on NZ Golf's 2005 accounts -- the setup cost associated with the New Zealand Open's five-year co-sanctioning deal with the European PGA Tour which began at Gulf Harbour in February.
"We've got another four years to get that money back and that's the plan," NZ Golf's commercial manager, Brendan James, said.
"We're only a small business so we can't sustain continued losses like that. At the end of the day it's our members funds so it can't continue."
James said the surplus was a positive as the NZ Golf and Women's Golf New Zealand moved closer to amalgamating. The two bodies move into a new street front office on Wellington's Willeston St, under the shadow of the BNZ Centre, on Friday.
Meanwhile, Hawke's Bay's David Howie and Auckland lawyer Richard Taylor were elected on to NZ Golf's council, replacing Waikanae's Doug Ritchie who retired and Bay of Plenty's Mike Alexander who stood for re-election after being forced to step down under the national body's two year rotation policy.
Alexander remains vice-president but loses his voting rights on the board.
Auckland's Fred Henderson won a second two-year term as president.
Manawatu's Trevor Malloch, a former member of NZ Golf's management committee and a manager of national junior teams in the 1980s, was elected a life member.
- NZPA
