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Should Sponsors Get Money Back If Athlete Is No Show |
The sport that makes its money off the well-heeled will go the way of the people who they market to. Yes, the PGA Tour recently signed Citi [C
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]as a sponsor of the Presidents Cup, but Wachovia's[WB
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] golf tournament will now be in the hands of Wells Fargo[WFC
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]. And other tournaments sponsored by financial institutions could be on the ropes.
Today might have been the real beginning of the dominos. The Royal Bank of Scotland was rescued this morning by the British Government after the bank lost more than 60 percent of its market value last week. With taxpayers owning as much as 60 percent of the bank, it goes without saying that one of the biggest sponsors in all of golf is in jeopardy of leaving the sport.
RBS currently sponsors three of the four majors, is the official bank of the PGA of America, one of four USGA sponsors and was a sponsor of this year's Ryder Cup. If you've ever watched a golf broadcast, you've seen their commercials all over the place--likely featuring the likes of Jack Nicklaus and British golfer Luke Donald.
Meanwhile, you have to start feeling for the people of Philadelphia. With the name of the venue where the Sixers and the Flyers play already up in the air (Wachovia Center), the British taxpayers might want a ring if the Phillies win it all this year. They play in Citizens Bank Park and RBS is the parent company of Citizens Bank.
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