Despite being out at least $360,000 as a result of an ongoing endorsement deal with the Louisiana Municipal Police Employees Retirement System, Baton Rouge, professional golfer Hal Sutton will continue to promote two golf courses that are worth approximately $14 million to the defined benefit plan.
Randy Zinna, the $1.4 billion system's real estate counsel, said Mr. Sutton, the 1983 PGA champion, agreed to waive his $180,000-per-year fee until the two golf courses, which are owned by the fund, start making enough money again after property tax and insurance increases.
"This is part of our all-out effort to achieve profitability," said Mr. Zinna, adding that he doesn't expect the two golf courses — the Golf Club at StoneBridge in Bossier City and Olde Oaks Golf Club near Shreveport — to make a profit this fiscal year or next if faced with both property taxes and Mr. Sutton's fee. Mr. Sutton helped design Olde Oaks, according to its website.
Mr. Zinna said the system has 9% of its investments in real estate, and roughly 1% of its portfolio is invested in the two golf courses.
