There are two types of people on the commercial side of golf: Those who do business with Augusta National Golf Club and the Masters, and those who want to do business with the most valuable, lucrative—and private—property in the game. As a result, no one wants to be caught talking about the club or the tournament. But discussions with those who understand the business and Augusta National reveal this picture: The Masters makes a lot of money, leaves perhaps even more on the table, spends a lot of money to make its tournament better, and gives away a lot to help grow the game. In all, the Masters will generate about $115 million in revenue this year, according to Golf Digest reporting, more than a five-fold increase from the $22 million the magazine estimated in 1997 for the previous year's Masters. And that $115 million in revenue could translate to a profit of almost $30 million, up from $7 million in our 1997 report.