New York, NY- The Trump Organization has withdrawn from its relationship with the U.S. Pro Golf Tour (USPGT), a subsidiary of Greens Worldwide Inc. (GRWW), due to management changes at GRWW and the USPGT.
Earlier this year Donald J. Trump, Chairman and President of the Trump Organization, had forged a five-year, strategic partnership with USPGT and agreed to host four USPGT major championships which were to carry a total purse of $10.1 million. Under the terms of Trump’s agreement with the USPGT, Mr. Trump could withdraw from the memorandum of understanding based on certain conditions, including a change of management at either GRWW or the USPGT. As previously disclosed Mr. Trump was never obligated to provide any money or financial support to the USPGT, but rather was to be paid a licensing fee and a site fee for the use of the various Trump golf courses.
"Although we firmly believe in what the U.S. Pro Golf Tour is doing for the game of golf by giving young professionals an international platform to showcase their talents, we’ve elected to exercise our option and step back until the new management presents a revised business plan," said Ashley Cooper, Senior Vice President of Acquisitions and Development for Trump Golf Properties, a division of the Trump Organization. "Trump Golf Properties and the Trump Organization continually seek ways to support and grow the game of golf," Cooper continued. "We may re-engage with the U.S. Pro Golf Tour in the future once the new management team crystallizes their business plan which also must be acceptable to the Trump Organization."
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Contact:
Ashley Cooper
Trump Golf Properties
908/470-4400
acooper@trumpnational.com
Bill Conwell
Chief Operating Officer
Greens Worldwide Incorporated
704/366-2047 (office)
704/277-3703 (cell)
bconwell@grwwsports.com
www.grwwsports.com
