Hello, friends. The 89th Masters is officially underway. Back by popular demand, today’s newsletter examines Augusta National’s most interesting and secretive details.

I began assembling this list years ago, but I could have never imagined what it would become. This year’s newsletter includes over 50 unique items, covering everything you could possibly imagine about golf’s most iconic venue. That includes details about Augusta National’s unique media rights deal, a sneak peek into the club’s membership list and initiation fee, the club’s $200 million real estate spending spree, and specific numbers about the revenue generated from merchandise sales and home rentals.

We also talk about the time that the Masters had to send Nike a cease and desist.

Today’s newsletter is for paid subscribers only (because it takes me dozens of hours to put together, and that’s what they pay me for). But if you have been considering upgrading your subscription, today is the day. I don’t care how big of a golf fan you might be; this list is guaranteed to have several items you have never considered.

Enjoy the tournament (and feel free to take credit for these facts with your friends).

RFID Chips: Augusta provides each media member with a badge upon arrival. These badges get you access to the tournament and media center each day, but they also contain an RFID chip, allowing club officials to see where you’re located at all times.

Media Rights: The Masters has the most unique media rights deal in sports. ESPN and CBS don’t pay any money to broadcast the tournament. Instead, they simply invoice Augusta after the tournament to cover production costs. Augusta then forwards this invoice to their sponsors (AT&T, IBM, Mercedes-Benz, and Bank of America), who pay $5M+ each in exchange for 4 minutes of commercial time per hour.

Augusta probably sacrifices $100 million annually by doing it this way, but it allows them to control everything — from what the broadcasters say to what they show…