The former Buick Invitational tournament at Torrey Pines has been saved after a new sponsor was secured at the 11th hour.
Former Buick Invitational event saved by new sponsor
The former Buick Invitational tournament at Torrey Pines has been saved after a new sponsor was secured at the 11th hour.
The event in San Diego - a favourite season-starter for Tiger Woods and Phil Mickelson - was in danger of falling from the PGA Tour schedule following Buick's decision to withdraw their sponsorship due to the global economic downturn last year.
However, the Farmers Insurance Group - who are head-quartered in California - have ensured that the tournament, currently scheduled as the San Diego Open, which dates back to 1952 and has been backed by Buick since 1992, will once more tee-off in San Diego at the South Course at Torrey Pines on January 28.
Farmer Insurance, a subsidiary of Swiss-based Zurich Financial Services, the title sponsor of the PGA Tour event in New Orleans, has agreed to step-in for 2010 in place of cash-strapped Buick, who, like Tiger, will not be there this year.
Ironically, until their financial melt-down last year, Woods was also the central figure in Buick's advertising campaign. He was dropped by them midway through last year.
The world number one has subsequently been dropped by some of his other sponsors as well, but this has been as a direct result of the recent scandal that has suddenly blown up around him.
Terms of the one-year agreement with Farmer Insurance were not released, but it has been confirmed that the company has been given a long-term option should it wish to extend its commitment.
Substantial investment
"Although this has been finalised on such short notice, it represents a substantial investment on Farmers' part to help in the tournament's success," PGA Tour commissioner Tim Finchem said on Monday.
"We look forward to continuing our discussions with Farmers officials with regard to the possibility of a longer-term partnership."
Coming up with a new title sponsor for San Diego was regarded by the PGA Tour as critical because of its high-profile drawing power, not only because it is the American mainland's first PGA Tour event of the year and the first on network television, but also because it is where Tiger Woods and Phil Mickelson typically begin their seasons.
Despite the current climate of worldwide recession, the PGA Tour has now managed to renew a half-dozen title sponsor contracts, as well as finding four new companies to sponsors its events.
These now include Farmers Insurance, Seoul Broadcasting System, Waste Management, and The Greenbrier.
