They are pretty savvy, but i think sometimes their ego gets in the way when it comes to sports. You mentioned the 84 Lumber tournament. Joe Hardy loved it, but when his daughter took over she axed it pretty quick.
I remember a discussion several years ago about the turnover in sponsors for PGA Tour events. Seems CEOs make these deals, then the board of directors pull the plug a few years later. The Tour is set up as a charity, but I think only about 3 or 4 events make any kind of substantial charitable contribution. I remember Phoenix being the biggest, so I guess I shouldn't be poking fun at Charley Hoffman and Waste Management.