FedEx extends sponsorship deal with PGA Tour for next five years
The globally-known shipping company FedEx Corporation has reportedly extended its sponsorship with the PGA Tour to 2017 — a move welcomed by the Tour officials and observers.
FedEx is best known for sponsoring the PGA event, the FedEx Cup. Following the decision of extension its partnership with the Tour, the events will be staged according to set procedure.
FedEx Corp has decided to boost the sponsorship amount this time. With a whopping $35 million planned to be sponsored each year, the players will now be getting a substantial purse.
According to the PGA officials, FedEx plans to keep pushing up the amount each year in an effort to deepen its involvement in its tournament.
The winner of the tournament will now get a hefty prize of $10 million — something the players have really appreciated.
Speaking to the media about the extended deal, Commissioner of the PGA Tour Tim Finchem said that this is what the Tour officials have been seeking.
Having faced tough economic challenges, the PGA Tour needed a big development in its sponsorships.
Finchem said that the extension has lifted the officials’ hopes to make the FedEx even better and more competitive.
“We’ve seen it grow, it’s become a big part of what the PGA Tour is about and it’s had the effect of pulling our season together. We’re going to try to make some adjustments in the next couple years with the FedEx Cup in an even more impactful way,” PGA
Commissioner said.
Speaking of the prize money, Finchem said that although the shipping giant has kept the winner’s prize unchanged, there could be a gradual increase each year.
He did not tell how much increase he is expecting, but assured that the money will keep increasing instead of decreasing.
“How that plays out in terms of the distribution of dollars, we’re not sure, but we’ll certainly be going forward, not backward,” he said. “Financially to the players, we will be growing during this term”.
On the other hand, FedEx Corp officials also expressed their pleasure over the sponsorship extension, saying the move will help promote golf across the globe.
FedEx’s Executive Vice President of market development, Michael Glenn said that the officials from both sides made all-out efforts to improve the point system.
According to the reports, the point system of the tournament will now be dubbed the FedEx Cup Playoff.
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