MA MasterCard Incorporated

By Matthew Futterman 

Just in time for the Arnold Palmer Golf Invitational at Bay Hill near Orlando, Mastercard is releasing a commercial that shows how valuable a legend can be, even after his death.

The ad shows a series of scenes in which one character, from children to touring professional golfers, inevitably gives another a piece of advice and ends it with the phrase "Arnie would." In the opening scene, two kids are in the trees on a course. "Go for the green," one boy says to the other. "Arnie would."

Raja Rajamannar, chief marketing and communications officer for Mastercard, said the spot, as well as the ongoing sponsorship of the Arnold Palmer Invitational, is about "honoring Mr. Palmer for the way he lived his life, his values and morals and his tremendous philanthropic efforts."

Mastercard, which recently renewed its relationship with Palmer's estate, is hardly alone. Palmer, who died in September at the age of 87, was the first modern sports entrepreneur, a man whose income off the golf course dwarfed his winnings on it, and that income figures to keep rolling in for a long time.

Alastair Johnston, the longtime IMG executive who has represented Palmer for nearly four decades, said the Arnold Palmer business remains brisk. In addition to Mastercard, Johnston has renewed agreements on behalf of Palmer with the equipment manufacturer Textron, Inc. and Arizona Beverages, which markets flavored iced tea drinks under his name. There are more than 400 Arnold Palmer sportswear stores in Asia, where Palmer became an adopted favorite son long ago.

This isn't an accident. During the last decade, as Palmer aged, Johnston began focusing on selling the legacy of Arnold Palmer rather than the man himself.

"Time doesn't stand still but it can endure," Johnston said in an interview Saturday. "What we found is that there is a way to sustain an image and a legacy in a way that is meaningful and not just reflective."

Earnings from the ongoing contracts go to the series of companies under the umbrella of Arnold Palmer Golf, Inc., as well as well Palmer's philanthropy, Arnie's Army.

Johnston described an odd conversation with Palmer a few years back when he was about to embark on a trip to Asia to do some business on behalf of his star client. Palmer asked if Johnston wanted him to come along. Johnston said it wasn't necessary because the customers weren't really doing business with the actual person named Arnold Palmer but rather the idea of him.

Now, six months after his death, the Palmer that gets recreated and sold can be a dashing 25-year-old, a wise veteran of 50, or a 70-year-old who achieved near royal status in golf and sports in general. That has allowed the Arnold Palmer business to be reborn.

"It remains opportunistic," Johnston said. "He would have wanted it that way."

Write to Matthew Futterman at matthew.futterman@wsj.com

(END) Dow Jones Newswires

March 13, 2017 11:40 ET (15:40 GMT)

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