The PGA Tour has lost another sponsor after FBR announced it would not renew its backing of the Phoenix Open beyond 2010.
Finchem searching for new sponsor for Phoenix Open
The PGA Tour has lost another sponsor after FBR announced it would not renew its backing of the Phoenix Open beyond 2010.
Ginn Resorts have already withdrawn sponsorship this season while the Stanford St Jude Championship is also under threat following news of the multi-billion dollar fraud charge levelled at texas tycoon Allen Stanford.
However, Tour Commissioner Tim Finchem is refusing to panic despite admitting the economic downturn is certain to have some effect on the sport.
And he is confident replacement backers for the Phoenix Open can be found because of the tournament's rich history and popularity with the fans.
"It's a tournament that actually progressed for over 60 years without title sponsorship," Finchem said. "I don't have any hesitation in saying that that's not going to have an impact on our calendar. But we're not panicked. We have a very positive attitude.
"Phoenix is regarded as one of the biggest sporting events in the country. It has huge 'bigness', it has huge crowds and it's got a great charitable organisation, the Thunderbirds.
Disappointments
"I wouldn't be surprised if their phones are ringing tomorrow with some companies interested and then we'll go from there. We'll take it as we always have."
Two-thirds of the PGA Tour's title sponsors are contracted until at least 2012 but Finchem accepts there will be more disappointments in the deteriorating economic landscape.
"From the PGA Tour perspective, obviously we are impacted," he said.
"Since we're a sponsor-centric and an advertising-centric organisation in sport, we are subject to the vagaries of the economic climate to some degree.
"We've have had and are having some bumps in the road."
Finchem is also confident the Stanford St Jude Championship in June will go ahead if the troubled Stanford organisation is unable to meet its obligations.
"I'm not going to comment on the difficulties of Stanford but, regardless of the outcome of that situation, we're going to play," he added.
"We have a base of support in Memphis that will help us if we need it but we have a contract with Stanford and they are not in breach so we will take that one step at a time."
Stenson concern
Several players are thought to be reliant on the Stanford Financial Group and Sweden's Henrik Stenson has admitted that he has savings lodged with the organisation.
"Not all my money, but I have quite a big part of my own savings and investments with them," he said.
"I don't know anything more than I read in the papers, so it's obviously not a happy situation for a whole lot of people.
"It's a very unfortunate situation. I'm a victim as is everybody else in that big thing, so we just have to see how bad it is.
"Everybody has got to sit tight and see what comes out of it, but it's obviously hard to be too positive about it at the moment."
Finchem also revealed this week's Accenture Match Play Championship and the Travelers Championship have had their title sponsorships extended until the end of 2014.
