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SBD/Issue 163/Sponsorships, Advertising & Marketing
Capital Won: DC PGA Tour Event Lands New Title Sponsor
Published May 19, 2003
The PGA Tour's '03 Capital Open announced today a new title sponsor in VA-based investment banking firm Friedman, Billings, Ramsey Group, Inc. (FBR). The event will be known as the FBR Capital Open. In DC, Leonard Shapiro reports the agreement "is for this year," and FBR co-Chair and co-CEO Eric Billings said that negotiations are "still ongoing about his company continuing as the title sponsor for three more years." Billings: "This (one-year deal) will give us time to assess after the tournament. I think it's fair to say we are very, very excited about this being a long-term circumstance for us." Shapiro notes "this will be FBR's first foray into sports sponsorship, and no financial details of the company's commitment were available." While most PGA Tour event title sponsors pay $5-6M a year, sources said that "FBR's financial commitment this year will not be that pricey," as some of the cost will be offset by the tournament's settlement with previous title sponsor Kemper Insurance Companies. More Billings: "This is our first national advertising endeavor. We've just merged our two companies into one, and the timing and our ability to embark on this was very compelling" (WASHINGTON POST, 5/19).
NO, WE DIDN'T FORGET: For this past weekend's news around the marketing of Annika Sorenstam as she heads into this week's Bank of America Colonial, see tomorrow's issue of THE DAILY.