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Deutsche Bank signs up for 2 more years
Question of the Day
NORTON, MASS. (AP) - Deutsche Bank has picked up the option on the final two years of its title sponsorship, and it will have some financial help from a familiar partner in EMC Corp., which will be a presenting sponsor.
Terms of the deal were not announced. Seth Waugh, the CEO of Deutsche Bank Americas, instead focused on reports showing it has raised upward of $70 million in revenue each year since the tournament began in 2003.
“Someone once told me when I started in the business that the best thing you can ever do for the economy is to create a job,” Waugh said. “And I’m hoping that in $500 million, there’s a number of jobs that have been created out here. Our view is that it’s never been more important to do that than it is today.”
The renewal was the 19th title sponsorship deal the tour has completed since the start of 2009. With Deutsche Bank, it assures that all its FedEx Cup playoff events are sponsored through 2012, the end of the current TV contract.
The Deutsche Bank Championship is the only playoff event that has never changed dates. It was a risky move when the tournament chose to end on Labor Day.
“We took a tough weekend _ it’s not a corporate weekend, it’s a family weekend _ and said, `Let’s make that a strength rather than a weakness.’ And I think New England has embraced that,” Waugh said.
EMC has been a founding partner since the tournament began, and it previously was the title sponsor of the World Cup.
PGA Tour commissioner Tim Finchem was headed to Ohio for what was likely to be a similar announcement at the Memorial, the tournament Jack Nicklaus created. At least two more deals are expected by the end of the year.
“It hasn’t turned out to be devastating,” Finchem said. “It’s just harder work.”
Given the amount of sponsorships it has kept, Finchem said he would give his marketing team an “A” for a grade. Finchem said given the economic climate, it takes longer to secure a contract, and there is more scrutiny by companies wanting to get involved in PGA Tour sponsorship because entertainment dollars are tight.
He said the scrutiny has helped golf, however, because it compared favorably among other sports.
Four clubs stood tall in his bag _ the driver and a fairway metal, and two belly putters.
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