New York Road Runners, the organizers of the ING N.Y. Marathon, have “reached a multimillion-dollar insurance settlement for the cancellation of last month's race,” according to sources cited by Matthew Futterman of the WALL STREET JOURNAL. The deal will allow NYRR to “release its restitution plan for the runners and sponsors who registered for and invested in last month's race," which was cancelled in the wake of Hurricane Sandy. An announcement “could come by the end of the week.” NYRR had been “seeking as much as $15 million in coverage,” but a syndicate of insurers “put together through the London-based Lloyd's insurance marketplace had been resisting such a large payment.” Officials last month said that “even if they were able to collect on all of the expenses covered in the cancellation policy, the club wouldn't be able to reimburse fully all runners and partners” (WALL STREET JOURNAL, 12/20). In this week’s SPORTSBUSINESS JOURNAL, Terry Lefton reports NYRR “will be looking to replace title sponsor ING, which may or may not be in the final year of its deal in 2013, depending on whether 2012 will be called a do-over or not.” In either case, while ING “has titled the race since 2003, the original deal was a few CEOs ago, and the company’s investment in running has been trimmed from a dozen or so marathon sponsorships to less than a handful.” A source said that CAA Sports has “already been quietly shopping the title sponsorship among clients and other agencies.” Another source said that ING has “already nixed a proposed $10 million a year offer to renew” (SPORTSBUSINESS JOURNAL, 12/17 issue).
Events and Attractions
The LPGA Kia Classic beginning next year will be held at the Aviara Golf Club near San Diego, which was announced yesterday as part of Kia's three-year extension to continue as the event's title sponsor. The tournament previously was held at nearby La Costa Resort (Kia). Kia Classic Tournament Dir Dennis Baggett said that the event "is expected to be held at Aviara for the length of the contract." Bagget: "The LPGA and Kia wanted to keep it in North County in San Diego, and Aviara is a great golf course. The way it sets up will be great for an LPGA tournament.” In San Diego, Tod Leonard writes Aviara is "considered among the most scenic in San Diego." The '13 event will be played March 21-24 "as the second U.S. tournament" on the LPGA Tour schedule. The event is "expected to attract virtually all of the top women players in the world," including defending champion Yani Tseng (SAN DIEGO UNION-TRIBUNE, 12/20).
TAMPA LOSES TOURNEY: In Tampa, Rodney Page reports the Champions Tour is "bypassing Tampa Bay," as the mid-April stop at TPC Tampa Bay in Lutz has "been replaced by the Greater Gwinnett Championship in Duluth, Ga." Champions Tour President Mike Stevens said, "We just couldn't find a (title) sponsor in Tampa. We had some nibbles. But at the end of the day, we were not able to get anyone across the line." Page writes the "beginning of the end" came when Outback Steakhouse, the title sponsor since '04, "pulled out" after the '11 event. Tournament officials "scrambled to find another sponsor" before Encompass Insurance came on board for '12, but Encompass was "only a one-year fix because it hosts a new event in Glenview, Ill., starting in June." On Sept. 1, with "no title sponsor in sight, all full- and part-time employees were let go" (TAMPA BAY TIMES, 12/20).