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Friday February 24, 2012

FedEx renew sponsorship contract with US PGA Tour

MARANA: The US PGA Tour has signed a five-year contract extension with sponsor FedEx, commissioner Tim Finchem said on Wednesday, completing a series of key deals during troubled economic times.

Together with signing new television contracts through 2021, and finding new sponsors or renegotiating deals with existing tournament backers, the deal with the financier of a US$35mil playoff bonus pool ensures stability and record revenues for players and the Tour.

“We are thrilled,” Finchem said. “We look forward to working with FedEx to continue the growth and impact of the competition in these coming years.”

The shipping firm will continue to fund the season-ending playoff bonus prizes, including US$10mil to the winner of the four-tournament finish to the campaign.

With only an event in Tampa next month now without a title sponsor, and long-term deals in place for sponsor and television riches, golfers can expect to play for record sums for another 10 years.

Tiger Woods, a 14-time Major winner chasing the all-time record 18 Major wins of Jack Nicklaus, has struggled in recent years in the wake of his infamous sex scandal, but his bid to regain top form remains one of the most compelling dramas in sport.

In addition, a host of young rivals have risen to assume supremacy of the sport, including Northern Ireland’s Rory McIlroy, the reigning US Open champion who is ranked second in the world and who joined the US Tour this year. — AFP

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