$100,000 guaranteed?

P

professorpool

AzB Silver Member
Silver Member
Just been looking through the 2007 schedule and there are 10 tournaments listed. The total prize money is going to be:

£18,840,000

The first 7 tournaments are for 200 players (150 tour members and 50 qualifiers). The 8th & 9th events are for the tour players only and the 10th event is for the top 40 players.

If the average attendance at an event is 174, break that into the prize fund and its a fraction over $100 large per person average

This is where I get a little confused..

Werent the 150 tour players guaranted $100,000 each?

The first seven events show the prize money for finishing in the last 80 as $2,000 with the next 40 being paid $5,000. Only in the world open where the prize money is $3m does it rise to $5k and $7k for the same slots.

So how does the $100,000 guarantee work then?

It is quite conceivable that a fair number of players are going to bail out of the tournament before the average of $10,000 required to meet the promised minimum of $100,000. In fact, for most of the tournaments, only the top 60 get paid more than the $10,000 needed to make the $100,000.

So then, the ratio of tour players to qualifiers in an event is 3/1, therefore, if we are generous and say that roughly 1/10th of the top 60 each time are qualifiers then that means, to a varying degree, around 70-80 of the tour players are nto going to win the $100,000 by right.

In fact, it is quite conceivable that some could go through every event getting basked out first and only winning less than $30,000 for thw whole season.

So are these players then going to get their prize money topped up to the $100,000? What about if you worked your nuts off and won $105,000 say and someone else doesnt pot a ball and gets gifted $70,000 at the end of the season. How'd ya feel now bud?

As a business concept, at the least it is ****** madness. The worst way, there could be 70 players that need topping up by $70,000 or so.

That's $4.9million.

Surely any one that was going to promote a series of super events would be far better off sticking that on some of the prize money.

I hope this "famous accounting firm" they have hired to dish out the Reno cheques has a look over these figures..
 
The infamous and incredibly vague 'guarantee' isn't properly defined but to be fair KT has never suggested it consisted only of prize money.It was loosely described by KT as each players minimum likely income from 2007 prize money plus income derived from shares of brand endorsement monies etc....basically he said that if any card holder doesn't earn US$100,000.00 in 2007 from IPT related activities etc he will make up the difference from his pocket.

The vagueness extends to the what he means by 'income' ie whether it is net of taxes,net of travel/hotel expenditures etc.Naturally this 'guarantee' isn't in writing.It's kinda fundamental and very basic necessity that you have to first define something before you can write it down !!! It is inconceivable that any intelligent person could take the current substance of this 'guarantee' seriously although there may be reasons for the optimistic to believe in the spirit in which it was given.

Frankly,even if everyone is paid out for Reno prize money and all other dues that are outstanding today,this 'guarantee' of US$ 100,000.00 for 2007 and the absurd manner in which hundreds of people seem to have interpreted it is the single biggest piece of utter and completely illogical nonsense about the whole IPT picture.

Furthermore it is already an open secret that most of those originally scheduled 2007 events are already cancelled and that no prize money events are now planned in the first 6 months of 2007 so all your calculations are pointless even on that score.
 
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THERE IS NO GUARANTEE.

No one's signed contracts and nothing is in writing. This is a verbal guarantee that can be broken or altered at any time. It is as good as KT's word, and if that were true - you'd be able to lose 30lbs in 30 days, or cure serious deadly diseases with herbs :rolleyes:

Here's how it's suppose to work:

If you're an IPT member, and you go to all the tournaments...you're bound to win around $20,000 to $25,000. The guarantee, as KT worded it means that the IPT will cover the REST of the way to $100,000 if you don't earn $100,000 that season. Some players are under the impression that this is a bonus. It isn't. It is an earnings guarantee. Now, all the players who win a tournament, or come in second or third place, or even 4th place once will not be eligible for the $100,000 since their IPT winnings exceed $100,000.


Earnings can come from anywhere. Any IPT related income, like interviews, lessons, appearances...anything will count towards your income, where the IPT will fork over whatever amount to make the total income be $100,000. That's the claim.


I find this beyond conceivable at this moment since they haven't paid out the $3,000,000 or so dollars in prize money to the particiapants of the Reno World 8-Ball Tournament.


The problem with a lot of people is that they should expect the IPT to walk before it can run. As of right now, no Chicago tournament, no 2007 season, no IPT exists until there's payment. If they pay and get back on track. Good. If not, it's all over and this discussion is meaningless.
 
Bola Ocho said:
THERE IS NO GUARANTEE.

The problem with a lot of people is that they should expect the IPT to walk before it can run. As of right now, no Chicago tournament, no 2007 season, no IPT exists until there's payment. If they pay and get back on track. Good. If not, it's all over and this discussion is meaningless.
Click to expand...

You are right...that is it in a nutshell.
ruk
 
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