PGA Tour Finalizing Global Partner Deal For Presidents Cup
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PGA Tour Near First Of Three Global
Partner Deals For Presidents Cup |
The PGA Tour is offering three sponsorships worth an average of $7.5M annually that would "make the buyers the first 'global partners' of the Presidents Cup," and an industry source said that the Tour is "finalizing one deal with a financial services company," according to Jon Show of SPORTSBUSINESS JOURNAL. The Tour last fall began circulating the "four-term agreements covering eight years, beginning with the 2009 tournament," seeking $6.9M for the first year with a 7.5% escalator for each event. Each sponsor would receive "worldwide category-exclusive rights, as well as standard options such as hospitality, limited on-site branding and a media package that includes ad units during early-round cable and weekend network coverage." But the proposals are "being met with a moderate response from the marketplace." The Tour said that a 12-18 month sales cycle "is 'not uncommon at all,' and that only a handful of pitches have been made." Sponsorship consultants said that the deals are "not being snapped up due to other factors," including that it still trails in stature to the Ryder Cup. However, consultants noted that the Presidents Cup is the "only global property on the PGA Tour without direct corporate ties, which could resonate with international brands" (SPORTSBUSINESS JOURNAL, 7/7 issue).
GOLF CHANNEL: In a separate piece, SBJ's Show reports Golf Channel is "adding cable rights to the Presidents Cup starting in 2009," and two sources indicated early-round coverage of the next two Presidents Cups will air on the net. Golf Channel is expected to "replay coverage in prime time and originate nightly news programming from the tournament site, neither of which was done by Turner," which had the rights to early-round coverage of the last four Presidents Cups (SPORTSBUSINESS JOURNAL, 7/7 issue).
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