The Dallas Business Journal is reporting that Crowne Plaza, a subsidiary of InterContinental Hotels will bail on their sponsorship of the PGA event at Colonial County Club in Texas. The 6 year deal that commenced in 2007 allows Crowne Plaza to bail after 2010.
This makes the 6th tour event the PGA has available now on its sponsorship menu.
The PGA, which has a clear fan demographic, has a difficult sell to companies, impacted by the all-powerful economic downturn. Companies that generally see the PGA as a tight market segment fit, are some of the most impacted by the downturn. Automobile manufacturers, the travel industry, financial institutions, real estate related entities, and the like.
While many title deals are in place for a few years still, a lagging recovery could substantially impact title sponsorship revenues for future tour events.