DAYTONA BEACH, Fla. (AP) The LPGA Tour lost another title sponsor Friday when ADT Security Services said it would not renew its contract after 2008 for the tour's season-ending event at Trump International.
The ADT Championship began in 2001 and transformed into one of the more compelling events on the LPGA Tour a 32-player field whittled down to eight for the final round where the winner received $1 million.
The company did not specifically state why it was not renewing its contract, only that its strategy is investing in growth areas of its business more closely aligned with its customers.
It was a blow to the LPGA Tour, which already has lost four title sponsors this year. The tour previously said one of its majors, the McDonald's LPGA Championship, would not have a title sponsor in 2010, and it has said it might fund the Phoenix event that lost its title when Safeway consolidated its LPGA sponsorship to one tournament.
"While we are disappointed that ADT won't title the event beyond 2008, we look forward to working with them to ensure the 2008 event is the most successful to date," LPGA Tour commissioner Carolyn Bivens said.
Bivens said the LPGA was discussing future sponsorship with several groups.