Swiss bank UBS withdraws its sponsorship to the UBS Hong Kong Open
UBS, the distinguished Swiss bank, has decided to withdraw its official sponsorship for the UBS Hong Kong Open, which is often regarded as one of the most high profile events on the Asian turf. The decision of the bank officials came out on July 20, when
the board announced their decision to step back from the multi-million dollar sponsorship extension for the event.
Kathy Shih, UBS CEO Wealth Management Asia Pacific, said, “UBS is extremely proud of the central role it has played in establishing the Hong Kong Open as one of the most prestigious championships in Asian golf. As part of a strategic shift in its sponsorship
strategy away from golf, UBS has decided not to extend its title sponsorship beyond 2011. We very much appreciate having been involved in such a successful partnership with the Hong Kong Golf Association.”
The UBS Hong Kong Open, which is jointly sanctioned by the European Tour and the Asian Tour, was first played in 1959. The tournament has continuously seen a surge in not only the prize money but also saw lucrative sponsorship deals falling in its lap over
the course of time.
The fact that UBS Hong Kong Open provides the launching pad for the Race to Dubai points leading to the Dubai World Championship, has given it prominence in recent years. UBS Hong Kong Open is one of the most frequently visited events by the top European
and PGA Tour players who find the tropical turf just the right spot to unwind after a hectic year.
Keith Waters, The European Tour’s Chief Operating Officer, also spoke on the occasion and lauded UBS’s role in development of the sport in Asia. He hoped that the Hong Kong government will continue to extend its monetary help to the event till the European
Tour and their partners Asian Tour officials are able to find a new sponsor for the event.
UBS Hong Kong Open is played from December 1-4 every year and UBS will be extending its sponsorship to the event for the last time this year. The tournament has grown profoundly in the past few years with its purse swelling up from US$700,000 in 2005 to
the current purse of US$2.75 million.
Past champions of the UBS Hong Kong Open include Peter Thomson, Greg Norman, Ian Woosnam, Bernhard Langer and Tom Watson, and more recently, José Maria Olazábal, Padraig Harrington, Miguel Angel Jiménez and Colin Montgomerie, which amply justifies the coveted
status of the event.
Ian Poulter won the title last year after edging past the young Italian Matteo Manassero and Englishman Simon Dyson. Participants of the event are usually aiming for the Top-60 rankings on the Race to Dubai, which would confirm their participation in the
Dubai World Golf Championship scheduled from December 8-11.
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