SAN DIEGO – Farmers Insurance announced on Tuesday at Torrey Pines a seven-year extension of the company’s sponsorship of the Southern California PGA Tour event. This comes on the heels of Sony extending its sponsorship of the year’s first full-field event in Hawaii through 2022.
Although these might seem to be relatively predictable moves, considering the drastic makeover of the Tour schedule that will begin with the 2018-19 season, it is a telling sign of the confidence corporations have in professional golf.
“It’s a compliment to our players and the value that the sponsors are achieving,” Tour commissioner Jay Monahan said.
Monahan said that before 2014 there were no 10-year title sponsorship agreements in place. Now there are seven events sponsored for 10-years, and another five tournaments that have agreements in place of at least seven years.
“What it means is, it gives organizations like the Century Club [which hosts this week’s Farmers Insurance Open], when you have that level of stability on a long-term basis that allows you to invest in your product, to grow interest and to grow the impact of it,” Monahan said. “You experienced what this was like in 2010 or seen other tournaments that you don’t know what the future is.S o to go out and sell and inspire a community and you can’t state that we have a long-term agreement it’s more difficult.”
Events like this year’s Houston Open, Colonial in Fort Worth, Texas, and The National all currently don’t have title sponsors – although officials at Colonial are confident they can piece together a sponsorship package. But even that is encouraging to Monahan considering the uncertainty surrounding next season’s schedule, which will include the PGA Championship moving to May and The Players to March as well as a pre-Labor Day finish to the season.
“When you look back historically to any given year [the number of events needing sponsors] is lower than the typical average,” Monahan said. “As we start looking to a new schedule next year, you get excited about a great schedule with a great group of partners.”