It seems like it has been a while since the PGA Tour has had some good news with regards to its sponsors. Since the beginning of the year we’ve been reading about how poor financial performance and public perception are causing many large players in the global sponsorship game to revisit their marketing and brand strategies when it comes to sports sponsorships. The biggest news in golf this year may very well have been General Motors dropping Tiger Woods as a spokesperson.
But now there is some good news from the PGA Tour. They recently announced that Zurich, title sponsor of the New Orleans tournament since 2005, has agreed to a long term extension that will see them remain partners through the 2014 tournament. This is good news for the Tour, who earlier this year announced that the title sponsors in Milwaukee and Phoenix will not renew their sponsorship after 2010 and 2011 respectively.
What gets lost in all the discussion about sponsorship and corporate spending (which until this year was rarely questioned) is the positive economic spinoff that events like the PGA Tour tournaments bring into the local economy and raise for charity. It is estimated that the New Orleans tournament brings $30 million dollars into the economy each year and since Zurich’s involvement in 2005 has raised an estimated $6 million for charities in the South-eastern Louisiana area. Two thumbs up for Zurich!
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