Arnold Palmer passed away 4 years ago with a net worth of $845M, but less than 1% came from career golf earnings.
From media channels to an iconic iced tea brand, this is his wild story.
Time for a thread 👇👇👇
1) Arnold Palmer, the son of a greenskeeper, fell in love with the game of golf as a child.
Palmer would go to the course daily with his father, "Deke", caddying for members & playing himself.
By high school, Palmer was a dominant player - accepting a scholarship to Wake Forest
2) While Arnold Palmer was at Wake Forest, tragedy struck.
In 1951, his college roommate was killed in an automobile accident.
An emotional mess, Palmer dropped out of school and enlisted in the US Coast Guard - where he served for 3 years.
3) Even in the Coast Guard, Arnold Palmer couldn't shake his love for golf.
Palmer famously built a 9-hole pitch-and-putt course at the Coast Guard Training Center in Cape May, NJ.
When he wasn't training, you could find Palmer out on the course continuing to master his game.
4) After his Coast Guard service came to an end in 1954, Arnold Palmer decided to enter the U.S. Amateur Championship.
Palmer won the event, impressing everyone in the process.
"He's going to be a great player some day. When he hits the ball, the earth shakes." - Gene Littler
5) Shortly after winning the U.S. Amateur Championship, Arnold Palmer turned professional.
Palmer's aggressive playing style and southern charm quickly gained him a loyal fan base known as "Arnies Army."
His first pro win?
The 1955 Canadian Open, where he took home $2,400.
6) As Arnold Palmer continued to win tournaments, the public started to take notice.
The tipping point of Palmer's career came at the 1959 Masters.
Palmer won, earning $11,250 in the process.
With a major on his resume, Palmer established himself as the leading star in golf.
7) In total, Arnold Palmer would play for 50+ years - winning 62 PGA Tour events and 7 majors.
His career earnings?
$3.6M - a far cry from what a world-class golfer would earn today.
A legend on the course, Arnold Palmer became even more famous for his work off it…
8) In 1959, Arnold Palmer met Mark McCormack - a meeting that changed his life forever.
McCormack founded International Management Group (IMG), becoming a pioneer in the world of athlete marketing.
His first client?
Arnold Palmer, who also received a stake in the business.
9) Within 2 years of signing with Mark McCormack, Arnold Palmer's $10,000 annual endorsement income exploded to $500,000.
Sponsorships:
- Coca Cola
- Rolex
- Hertz
- Pennzoil
The duo also created Arnold Palmer's legendary umbrella logo to fulfill future licensing deals.
10) In addition to increasing his endorsement income, Arnold Palmer also found new ways to fulfill his passion for golf.
Palmer started Palmer Course Design in 1972, designing over 300 golf courses in 25 countries since.
He also built the first modern course in China.
11) In 1995, Arnold Palmer co-founded The Golf Channel.
Originally laughed at for thinking golf needed a 24/7 network, the concept took off.
Within years The Golf Channel scaled from 10k viewers to millions.
Comcast eventually acquired the channel and Palmer made millions.
12) Perhaps his most famous investment, Arnold Palmer signed a beverage licensing agreement with AriZona Beverage Co. in 2001.
The “Arnold Palmer”, an iced tea and lemonade mix, does over $200 million in annual revenue without a dollar spent on advertising.
13) Arnold Palmer sadly passed away 4 years ago today, at the age of 87.
Regarded as one of the best athlete investors of all time, Palmer turned $3.6M in career earnings into a $875M net worth.
Palmer also set his family up for generations — his estate earns ~$40M annually.
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Sources:
(H/T @TateAdkins) - Check out his golf newsletter: bulletingolf.substack.com
forbes.com/sites/kurtbade…
sportscasting.com/what-was-arnol…
taskandpurpose.com/history/legend…
africanamericangolfersdigest.com/labor-of-love/
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