Royal Bank of Canada (RY), the country’s largest lender, signed a five-year contract to sponsor the U.S. PGA Tour’s event in Hilton Head,South Carolina.
The tournament, which will return to its traditional spot the week after April’s Masters Tournament in 2012, lost Verizon Communications Inc. (VZ) as its sponsor in 2010 and was in danger of being dropped from the schedule.
Along with Toronto-based RBC, the Boeing Co. (BA) will serve as the tournament’s presenting sponsor through 2016, the PGA Tour said in a press release. Financial terms of the agreements weren’t disclosed.
“This is a great day in South Carolina, and we’re going to celebrate,” Governor Nikki Haley said in a statement. “The tournament is an opportunity for us to showcase our state. We shouldn’t rely on taxpayers to foot the bill.”
Hilton Head’s Pete Dye-designed Harbor Town Golf Links has hosted the tournament since 1969. The course has become a favorite of many professionals.
“It’s one of the classics,” Luke Donald, an Englishman ranked as the world’s No. 1 player, told reporters after today’s opening round of the U.S. Open in Bethesda, Maryland. “It’s nice to see RBC getting heavily involved with another tournament.”
RBC also sponsors the Canadian Open in July, and has naming rights on the Carolina Hurricanes’ hockey arena in Raleigh, North Carolina, where its U.S. consumer bank is based.
Donald, 33, is one of several PGA Tour players who have endorsement agreements with the bank, along with U.S. Open winners Ernie Els and Jim Furyk.
The tournament, which will return to its traditional spot the week after April’s Masters Tournament in 2012, lost Verizon Communications Inc. (VZ) as its sponsor in 2010 and was in danger of being dropped from the schedule.
Along with Toronto-based RBC, the Boeing Co. (BA) will serve as the tournament’s presenting sponsor through 2016, the PGA Tour said in a press release. Financial terms of the agreements weren’t disclosed.
“This is a great day in South Carolina, and we’re going to celebrate,” Governor Nikki Haley said in a statement. “The tournament is an opportunity for us to showcase our state. We shouldn’t rely on taxpayers to foot the bill.”
Hilton Head’s Pete Dye-designed Harbor Town Golf Links has hosted the tournament since 1969. The course has become a favorite of many professionals.
RBC also sponsors the Canadian Open in July, and has naming rights on the Carolina Hurricanes’ hockey arena in Raleigh, North Carolina, where its U.S. consumer bank is based.
Donald, 33, is one of several PGA Tour players who have endorsement agreements with the bank, along with U.S. Open winners Ernie Els and Jim Furyk.
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