LPGA Classic signs three year sponsorship deal with Manulife Financial
Ladies Professional Golf Association (LPGA) Tour has signed a 3-year sponsorship deal with Manulife Financial, which will work in joint collaboration with the governing body to organise LPGA Classic in Waterloo, Ontario from June
18 to 24, 2012.
The news regarding the deal was confirmed by Hugh Morrow, who is the CEO and chairman of Sports Properties International on Tuesday.
Morrow said, “(Waterloo) has a strong history of supporting regional, national and international events.”
Morrow disclosed that LPGA had been facing huge financial setbacks since the start of the season. He explained that in 2008, the tour organised 34 money events, which amassed a purse of $60 million. However, since the recession hit
the market, several sponsors left the tour and in present times, there are only 24 events worth $42 million.
To save the LPGA tour from going bankrupt, the Sports Properties International visited several courses around the world, which had the potential of hosting an international event. Ontario was one of the venues that were visited and
was shortlisted after Manulife Financial agreed to sponsor an event in the area.
Also present in the conference was Jon Podany, who is LPGA’s chief marketing officer. Podany added to the statement given by Morrow, “It was a big drop and that hurts the playing opportunities for the players and it hurts the week
to week television coverage. We really need to get back to 30 or so events because we feel we need to have continuity over the course of the season.”
According to the schedule released by Podany during the press briefing, the first edition of Manulife Financial LPGA Classic will be held from June 18 to 24 at Grey Silo Golf Course, whereas, the second edition will take place at
Hillsdale Golf and Country club in Mirabel from August 22 to 28, 2012.
Big guns like Michelle Wie, Cristie Kerr and world number one Yani Tseng will be part of the event, which will kick off next year. Their appearance in the event will not only insure the future of the tournament in the region, but
will also draw more sponsors.
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