There was some interest in having an optional Calcutta tournament during the 2017 Lake Pepin Open, we have decided we are going to give it a try. This is being ran in conjunction with the Lake Pepin Open and is open to anyone in attendance for the auction at the pre-tournament meeting whether they are fishing or not…anyone in attendance may purchase the rights to a team fishing the LPO! Auction will be held immediately following the tournament rules meeting. The meeting is at 6pm on April 28th at the Elks Club in Red Wing.
Here’s a quick rundown of how the Calcutta works:
The Calcutta is a separate and optional “side pot” for the tournament with a 100% payback. Each team is “auctioned off” to the highest bidder and bidders can buy their own team if they choose. Bids will start off at $20 and go up from there (lower starting bid ensures all teams are purchased). This will be done right after the rules meeting and typically takes about 30 minutes. There is no limit to the number of teams an individual can purchase, teams will be awarded to the highest bidder!
After all teams are auctioned off, the tournament runs at it normally would. At the conclusion of the tournament, the Calcutta “sidepot” will pay the “owners” of the teams that they purchased. The 1st, 2nd,and 3rd place finishers as well as 14th place will be paid according to the structure below. By paying out a random place, this ensures all teams are purchased in the Calcutta even if one does not think a particular team has a chance of placing, they could still see a return on their investment if that team finishes in the random money spot.
Payments for teams purchased is due at the conclusion of the auction, cash or check made out to “Walleye Searchers”.
Money will be distributed as follows.
1st Place: 45% of Calcutta Pot
2nd Place: 25% of Calcutta Pot
3rd Place: 20% of Calcutta Pot
14th Place: 10% of Calcutta Pot
If you have any questions, feel free to ask!