Corning Drops LPGA Event Sponsorship, Ending 31-Year Run
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This Year's Corning Classic
Will Be 31st And Final Event |
Corning will not pick up a one-year option to return as title sponsor of the LPGA tournament in upstate New York after this year's event, scheduled for May 21-24, meaning this year's tournament will be the 31st and final event. The tournament joins two Ginn events, the Fields Open, SemGroup Championship and Shoprite Classic as tournaments canceled in recent years after title sponsors withdrew their financial backing (Jon Show, SportsBusiness Journal). Corning Classic President Jack Benjamin said that the "loss of over $500,000 in sponsorship revenue made it economically unfeasible to sustain it beyond this year in these depressed economic times" (AP, 4/20). Benjamin: "We've lost more than $500,000 in non-title sponsor revenue over the past year and we have not been able to secure the new sponsors needed -- including a new presenting sponsor" (CORNING LEADER, 4/21). He said that "three key factors led to the difficult decision." Benjamin: "Thirty-one years ago, it cost $200,000, which was shared by Corning Glass Works and the community. This year, it's more than $3[M], and 75[%] of that is paid by the company." Benjamin added the tournament has "not been able to secure new sponsors," and volunteer participation "has decreased over the last few years, and attendance has been down." Corning Inc. Exec VP & Chief Administrative Officer Kirk Gregg: "We've been reducing our global work force by 13[%]. Given the uncertainty of the times we are in, and the rise in costs, it is clear this thing is no longer sustainable. It's not prudent for us to retain our sponsorship" (Binghamton PRESS & SUN-BULLETIN, 4/21).
FAVORITE STOP: In New York, Andrew Legare writes the Corning Classic was a "favorite for many players on the LPGA Tour because of its small-town feel and big-time atmosphere, both created by the enthusiasm of the fans, the players, the volunteers and tournament organizers." Golfer Leta Lindley, who won the '08 tournament, said, "I understand with the economic environment why it happened. We can't change that. I think we're all concerned what the schedule will look like in the next couple of years and hoping, like everybody else in the country, that things will turn around" (Elmira STAR-GAZETTE, 4/21). Retired golfer Rosie Jones said the LPGA is "definitely mourning losing a tournament like that." Jones: "Corning is an icon tournament of ours" (Binghamton PRESS & SUN-BULLETIN, 4/21). An Elmira STAR-GAZETTE editorial notes the Corning Classic was the LPGA's "longest running tournament played under the same title sponsor and at the same site" (Elmira STAR-GAZETTE, 4/21).
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St. Jude Classic Will Continue As Scheduled
This Year, But Future "In Serious Jeopardy" |
SIGN OF THE TIMES: The PGA Tour St. Jude Classic lost title sponsor Stanford Financial after the company fell into breach of contract for missing a sponsorship payment, and Tournament Dir Phil Cannon said that the tournament "will go on as scheduled this year, but the future of the tournament is in serious jeopardy." The event runs June 11-14 this year, and on June 15, the "clock starts ticking to find a new title sponsor." Cannon: "The 'for sale' sign is always out there, but it's very difficult to find companies that have a [$5-10M] budget for title sponsorships" (MEMPHIS BUSINESS JOURNAL, 4/17 issue). In Palm Springs, Larry Bohannan writes, "It's possible that golf fans are starting to feel a certain amount of economic fatigue when it comes to their favorite sport. As corporate earnings continue to come in lower than a year ago or even a quarter ago, people in general and sports fans specifically are becoming all too accustomed to dire warnings about tournaments. The problem is the warnings are starting to become reality on the many tours." The PGA and LPGA tours "still have some rough waters to navigate in the coming months," but it is "more than obvious that each tour is going to lose more sponsors before it's all said and done" (Palm Springs DESERT SUN, 4/21).
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