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Marketing and Sponsorship

Colonial To Land Charles Schwab As Sponsor For PGA Tour Event

Colonial Country Club is "poised to announce a new sponsorship agreement" with the Charles Schwab that would have the company take over entitlement of the course's annual PGA Tour event, according to sources cited by Rex Hoggard of GOLFCHANNEL.com. Tournament officials "scrambled this year after Dean & DeLuca ended its sponsorship of the event just two years into a six-year agreement, pulling together an assortment of local sponsors and renaming the event the Fort Worth Invitational" (GOLFCHANNEL.com, 4/19). In Dallas, Brad Townsend reports Colonial plans to "make a formal announcement next Monday ... if no snags arise" in the agreement. The multiyear deal will be a "huge life-extending boost for one of the PGA Tour's most tradition-steeped events." Although Charles Schwab is headquartered in S.F., it has 22 branches in Texas. The company also is building a $100M "campus in Westlake, north of Fort Worth." Charles Schwab would "represent to Colonial a sponsor with a long, deeply rooted association with the PGA Tour." The company since '01 has "been the title sponsor of the Champions Tour's Charles Schwab Cup." That deal expanded in '16 to include the Champion Tour's playoffs. Charles Schwab also is the "official investment firm of the PGA Tour" (DALLAS MORNING NEWS, 4/19).

SOMETHING TO BANK ON? In Charlotte, Erik Spanberg reports it is increasingly likely the Wells Fargo Championship will remain on the PGA Tour's schedule "two years from now." The bank's title sponsorship expires after the '19 event. Wells Fargo region bank President Kendall Alley and Quail Hollow President Johnny Harris both said that the future of the tournament is "likely to be determined by the end of this summer" (BIZJOURNALS.com, 4/19).

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