Chinese conglomerate HNA Group yesterday announced a five-year, $35M (all figures U.S.) deal to sponsor the European Tour French Open, one of the "most prestigious events" on the circuit, according to Murad Ahmed of the FINANCIAL TIMES. HNA has said that it will “continue to pursue deals related to sports that have global reach.” A source said that HNA had been “approached to sponsor other sporting events, and was looking closely at golf and tennis tournaments in particular.” Ahmed noted HNA will “fund a $7M annual prize fund.” The sponsorship will “form part of a broader attempt to revamp the European Tour, which is trying to halt an exodus of players" to the PGA Tour. The European Tour last year announced the creation of the eight-tournament Rolex Series, with the French Open "being the final event” (FT.com, 1/9). GOLFWEEK’s Alistair Tait wrote news of the French Open joining the Rolex Series “brings with it a huge question: Which of three Rolex Series tournaments between June 29 and July 16 is set to suffer the most?” The HNA French Open “begins a run of three Rolex Series events leading up to the British Open.” It is a “fantastic coup” for the European Tour to have three $7M events at “such a critical juncture of the season, but surely at least one tournament has to lose out?” It “seems crazy to think the top Europeans will play three weeks in a row before the British Open.” European Tour CEO Keith Pelley “promised there would be eight Rolex Series events this year instead of the seven he announced" in November during the DP World Championship in Dubai. He has “delivered on his promise, but will he deliver the sort of field expected by the tournament’s new title sponsor?” (GOLFWEEK.com, 1/9).
