As global recession looms, with escalating job-losses and bankruptcies expected, multi-millionaire golf stars are also preparing for leaner times.

Ryder Cup stalwart Paul Casey and South Korea's K.J. Choi both said they were ready to forego hefty paydays as the financial crisis bites.

"I would much rather have a claret jug on the mantelpiece than a big cheque," Casey said, referring to the British Open trophy which he has never won.

"To me that's much more important, and having lots of friends at home rather than money in the bank."

Choi, who has amassed nearly $19-million on the US PGA tour, also said he was prepared to cut back.

"I've never been greedy. I'd be willing to make some sort of concession if it helps the world of golf," he said at a charity event in Hong Kong in aid of victims of May's devastating earthquake in China's Sichuan province.

Top golfers have cashed in on the boom of recent years, with world number one Tiger Woods on course to become the first billionaire sportsman by 2011, according to Forbes magazine.

Big money

Soaring prize money, appearance fees and sponsorships have turned a steady swing into solid gold, allowing the likes of Ernie Els to fly to tournaments on a private jet and cut course-design deals on the side.

However, the good times may be over with banks, a major source of golf sponsorship, in the grip of the credit crunch and companies set to follow.

The PGA Tour has already been affected by the takeover of US bank Wachovia, title sponsor of the Wachovia Championship, while troubled investment bank Morgan Stanley funds the Memorial Tournament.

"It's going to be interesting to see how it affects golf, to see if it affects any sponsors next year," said Casey, whose career earnings stand at around $15-million.

"I'm not going to say I'm worried because golf will always be around but it may get a few events and we may lose a couple.

"It may hurt some of our income but ultimately I'm very lucky to be doing what I'm doing. At least I'm not losing my job or anything like that."

Asia growth to stall?

Asia's golf explosion may also be slowed with HSBC and UBS, sponsors of the HSBC Championship and Hong Kong Open, among the banks suffering big losses in the wake of the sub-prime mortgage wipe-out.

However, Choi, who began his career on the Asian circuit, backed the region's tour to keep growing.

"The Asian Tour has become very big, probably the biggest it's ever been and is in the healthiest shape it's ever been," said the world number 16.

"The corporate world is going to realise that. The fact it's been growing so big is a testament to the fact that the companies are experiencing the merits and values of being involved in Asian tournaments. As sponsors, they're reaping the benefits."

While golf's luminaries will not be seriously affected, many lower-tier players could be forced out of the game if corporate backing and prize money dry up.

But even among the sport's elite, the stock market plunge has not gone unnoticed.

"I know how it's affecting my account! Everything's going down," Casey said. "I'm putting my head in the sand and not worrying about it."

AFP

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