“SPONSOR WITHDRAWAL FROM PGA TOUR EVENT DUE TO INCREASED PRIZE MONEY”

There is a movement among sponsoring companies that host PGA Tour events to withdraw from PGA Tour events due to a surge in prize money increases. In an interview with Golf Week on the 15th (Korean time), PGA Tour policy director Webb Simpson (USA) expressed concern that more companies will quit hosting the PGA Tour following Wells Fargo and Farmers Insurance .Wells Fargo, a financial company that hosts the Wells Fargo Championship, has decided to stop sponsoring PGA Tour events at the end of this year, and insurance company Farmers Insurance has already decided to hold the PGA Tour Farmers Insurance Open until 2026.

The Wells Fargo Championship and Farmers Insurance Open are tournaments with a long history on the PGA Tour. However, it was reported that they gave up hosting the PGA Tour tournament because they felt significant pressure from the recent increase in prize money for the PGA Tour tournament The PGA Tour significantly increased the prize money for tournaments to compete with LIV Golf, which receives massive financial support from Saudi Arabia’s sovereign wealth fund (PIF). In particular, the total prize money for special designated tournaments rose to $20 million, the same as the LIV Golf tournament.

Wells Fargo expressed its intention to continue hosting the Wells Fargo Championship as a general tournament rather than a specially designated tournament with a total prize of $20 million to the PGA Tour, but it was not accepted. Farmers Insurance remained a ‘general tournament’ with a total prize money of $9 million, but was ignored by top players .Tiger Woods (USA) won the Farmers Insurance Open six times, including four in a row.

Simpson pointed out, “As the size of the prize money grows out of control, sponsoring companies are leaving,” adding, “The amount of money spent per week, including prize money and competition course rental fees, has become too much. It has surpassed the level of satisfaction for both parties ”He criticized many professional golf players for overestimating their market value However, Simpson predicted that he would be able to maintain his 온라인카지노 huge prize money thanks to the investment group SSG attracted by the PGA Tour.