Archive for the ‘Credit Crunch’ Category
GM’s return to the sponsorship picture at the end of last month signaled a potential return of automakers and financial institutions to the sponsorship picture. It’s no surprise that golf has been struggling to land title sponsors over the past year. With the departure of GM and other long-time sponsors from the sport, there were many people — myself included — that wondered if the sport could continue to have multi-million dollar purses with so many tournament looking for heavy financial hitter to keep the events afloat.
While Harbour Town — and other events — is still looking for a title sponsor, Doral (Cadillac) and the Bob Hope have landed title sponsors for 2011, giving golf hope that the sport may be well on its way to being out of the woods.
As the Associated Press reported, Franklin, Tenn., mortgage company Franklin America will be the new title sponsor for the event: Read the rest of this entry »
If you haven’t noticed, the Ryder Cup is only a couple of months away. While most of us are knee-deep in PGA Championship coverage, the European Tour is still fighting the UK government over the current tax rules that apparently are causing golfers to pass over tournaments in the country.
An Associate Press article earlier today noted that the tax rules in the UK could deter some players from playing in the Ryder Cup. Seriously? You expect me to believe guys play in this event for money?
While I’m assuming the AP isn’t completely dense, you needn’t look any further than Anthony Kim to see this event is all about playing for pride and your country. To be honest, I’m pretty sure most players would give up prize money for a spot on the team.
Kim had the opportunity to fight through the pain at the U.S. and British Open; but he decided to err on the side of caution and have the thumb surgery so he could be ready for the Ryder Cup. He was that dead-set on playing in the event. Read the rest of this entry »
Four months. That’s all the time it took Wells Fargo to decide that their name and brand was better off being attached to the Quail Hollow tour event, as opposed to being the silent backer of a tournament that some professionals have deemed the game’s “fifth major.”
The Associated Press reported that Wells Fargo will forgo putting Quail Hollow’s name on the event next year, opting to go with the Wells Fargo Championship in 2011.
To be honest, the name change makes a lot of sense. While the economy is still in a state of flux, the negative sentiment towards financial institutions backing golf tournaments has subsided. I’d assume that played a major role in the bank’s decision to return to a more prominent role with the event — especially since they’re picking up Wachovia’s tab.
We’ve already touched on the issues plaguing one of the oldest stops on tour — the Verizon Heritage — just a couple of months ago. The tournament, like a number of other events, is without a title sponsor for the upcoming year.
That sort of news has become the norm on tour this year, as countless tournaments prepare for an uncertain future in a volatile market. Like the Heritage event, the St. Jude Classic is facing a similar situation. The event, which has been a staple on tour since 1958, is facing an uncertain future without a title sponsor for 2011. Read the rest of this entry »