Down Economy Has Cost Australian Open $10M In Lost Sponsorships

The state of the global economy has “cost the Australian Open nearly [AU$10M] in vital sponsorship after Garnier decided to abandon its deal with the grand slam tennis event,” according to Linda Pearce of Melbourne AGE. Garnier, part of the L’Oreal Group, yesterday “became the second major backer to pull out” of the event. Fellow Australian Open associate sponsor GE Money “recently decided against extending its three-year arrangement.” The event's “much smaller arrangement with MasterCard is also over, while a multi-faceted deal with Optus that extends to Australian national teams is under review.” The deals with Garnier, MasterCard and GE Money were “among five up for renewal this year.” Meanwhile, Kia “remains committed until at least 2013,” while Lacoste and Rolex “both signed lucrative multi-year contracts last year” (Melbourne AGE, 5/19).