If the Ryder Cup could be anywhere near as popular as the Cleveland Browns’ defeat by the Pittsburgh Steelers last weekend, golf could give the cold shoulder to the credit crunch, tell the financial institutions to deal with their own problems and ignore the fallout of a possible fourth consecutive win for Europe.

As it was, 10.8 per cent of American households tuned in to NBC’s Sunday Night Football last weekend – the second weekend of the regular season - which compares favourably with the 3.1 per cent who watched the United States team lose on the Sunday when they were previously on home turf, in Detroit four years ago. If the US win – or at least put up a fight – the interest swells accordingly; 5.2 per cent tuned in to the match at Brookline in 1999, when the US won.

And this is just another of the many reasons why a US victory this weekend would be good for the Ryder Cup. The K Club in 2006 was not short on drama, but you will not find many here in the Valhalla press tent who are gunning for another landslide.

You won’t actually find that many American press here at all. No Denver Post, no Philadelphia newspaper representative, although this is probably a reflection on the slide of the American newspaper market more than a slide in interest. Not that the Super Bowl suffered the same way.

But bad results in American sport do not necessarily spell bad news. In sailing, the America’s Cup was an event lost on the American public until Australia had the audacity to win the thing. Likewise the Ryder Cup – Europe started challenging and the US woke up to it.

Yet three consecutive Europe wins with the sudden cold wind of the economic climate blowing through and this may be another matter. Both the European Tour and the PGA Tour in the US are backed heavily by sponsorship from financial institutions. What now, for instance, of the Memorial Tournament presented by Morgan Stanley, or the Merrill Lynch Skins?

And the European Tour? The economics are markedly different. As George O’Grady, the chief executive of the European Tour, said yesterday: “We’re not obviously affected by the credit crunch yet because we’re global; we rely on the economies of China, India and specifically the Arab states. That gives you quite solid confidence for weathering the storm or seeing it as a time of opportunity.”

Indeed, while American golf is an economy three times the €53 billion (about £41.7 billion) total annual revenue of Europe, the Middle East and Africa (EMA) put together (and the European Tour has laid down roots this far afield), a new report by KPMG, the accounting group, shows that the EMA is expanding while the US has reached saturation.

In Europe, the number of courses and players has doubled since 1985. In the US, courses and playing numbers have levelled off since 2000.

How will all this affect the American golf economy? “Golf is a discretionary type of expense,” Andrea Sartori, of KPMG, said. “So we might see membership and corporate membership of golf clubs significantly reduced. At the level of the PGA Tour, we will also see tightening in terms of sponsorship.”

Sartori also explained that, while some of the traditional financial institutions may leave golf, again, the territory that the European Tour covers means that it is more likely to benefit from fresh investment. Joe Steranka, the chief executive of the PGA of America, said: “We’ve got to broaden the base of companies that are supporting our game.”

The next Ryder Cup, in Wales in 2010, has remained resilient. Citi signed as a sponsorship partner, despite reporting vast financial losses. However, a number of American companies that traditionally take hospitality packages have delayed moving to contract. A closely-fought contest this weekend may seal the deal.

For Steranka, the Ryder Cup brand remains strong. “As long we’re able to see that the athletes are excited, nervous and passionate and that they care, then the public are going to care and we’re still going to point TV cameras on it,” he said. Indeed, but caring is one thing; winning is another. Now, for many reasons, would be the time.

How the 2008 Ryder Cup was won

Follow the final day's play from Valhalla as the 37th Ryder Cup draws to a dramatic conclusion with today's singles matches

• Mission accomplished for United States

• Justin Rose's Ryder Cup diary: I'm heartbroken

• Analysis: misfiring big three cost Europe dear in Ryder Cup

Europe surrender under brilliant assault

The US reclaimed the Ryder Cup for first time since 1999 with a sustained performance in the singles matches at Valhalla

• Elementary approach pays off for J.B. Holmes

• Nick Faldo's bold approach backfires in failure to reclaim initiative from US

• Ryder Cup warning signs to watch out for

Multimedia

• The key moments, match by match

• Is Faldo to blame for Europe's defeat?

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