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SBD/Issue 144/Sponsorships, Advertising & Marketing
Wachovia To Sponsor First PGA Event In Charlotte Since '79
Published April 16, 2002
The PGA Tour will announce plans within the next month to add Charlotte to its tournament schedule beginning in '03, "with Wachovia Corp. signing on as title sponsor," according to Erik Spanberg of the BUSINESS JOURNAL OF CHARLOTTE, who notes the last PGA Tour event in Charlotte was the '79 Kemper Open. Sources said that the '03 event "will be scheduled within a month of the Masters," and that Quail Hollow Country Club will likely host the event. While Wachovia spokesperson Allison Miley declined comment, sources said that the Wachovia sponsorship "is a done deal" and is valued at $750,000-1.25M. Spanberg writes staging a PGA Tour event costs $5M or more, but Charlotte's "corporate base and golf interest should make the tournament successful" (BUSINESS JOURNAL OF CHARLOTTE, 4/12 issue).
PGA TOUR LEDGER REPORT: GOLF WORLD BUSINESS' Ron Sirak noted the PGA Tour, subtracting September 11-related refunds of $17.7M on canceled events, had $470.6M in direct revenue in '01 income from TV, tournaments and tournament management compared to $457.1M in '00, a 3% increase. However, PGA Tour-related activities were "not so positive, as decreased investment income and [TPC] revenue affected total revenue," as total '01 revenue was $661.9M, down 1.9% from $674.4M in '00. After expenses and taxes, PGA Tour Inc. reported earnings of $358.7M in '01, 3.5% lower than the $371.7M in '00. As a result, the PGA Tour designated $367.3M to prize money, tournaments, charity, player retirement benefit plans and "future programs," leaving allocations in excess of net revenue of $8.7M. In '00, the tour had a "surplus" of $1.5M (GOLF WORLD BUSINESS, 4/15).