Golf Australia will "explore fresh strategies for its marquee event," the Australian Open, in the wake of Emirates' revelation on Thursday that it will part company with the tournament, according to THE AUSTRALIAN. The airline -- which has spent A$20M ($15.6M) a year "backing some of Australia's most high-profile sports" -- will "ditch some key sponsorships and review others, potentially leaving a gaping hole in revenues for sports." The revelation that Emirates would not renew its sponsorship of golf's Australian Open "immediately fired the starter's gun on new sponsorship negotiations." It is understood these will "almost certainly see a new backer for the tournament coming from Asia." There was "strong speculation" on Thursday that Korea's KEB Hana Bank, a "keen sponsor of professional golf," was one party interested in the Open. It is understood that a number of other Asian parties are also believed to be in the mix. A Golf Australia spokesperson was unavailable for comment. Meanwhile, other sporting events, such as Victoria's Spring Racing Carnival, where Emirates has until this year spent A$7M ($5.5M) per year, are "battling to hang on to Emirates' remaining sponsorship spend after it quit its Melbourne Cup partnership." A statement from the Victorian Racing Club would only say that "we are continuing to explore sponsorship opportunities with Emirates for the future." Meanwhile, the need for a new sponsor for the Australian Open has "led to a wider discussion about possible co-sanctioning of the tournament." This year, for the first time in nearly a decade, the tournament was sanctioned only on the PGA Tour of Australasia. However, for the previous eight years, the tournament had been co-sanctioned by the OneAsia golf tour (THE AUSTRALIAN, 12/29).
