(AP) - Tiger Woods landed a new title sponsor for his holiday tournament in southern California, signing a five-year deal Thursday with Chevron with designs of raising money and developing programs to support Woods' education-based foundation.
The Chevron World Challenge will be held Dec. 18-21 at Sherwood Country Club in Thousand Oaks, Calif., featuring a world-class field of 16 players competing for a $5.75 million purse, the largest of the silly season. Woods, the tournament host, is the defending champion.
Chevron replaces Target as the title sponsor.
The San Ramon-based energy company also will become one of five founding partners of the AT&T National, a regular-season PGA Tour event that Woods started last year at Congressional Country Club outside Washington.
The deal comes at a time when the economy is struggling and the PGA Tour is searching for title sponsors for regular-season events in Tampa, Fla., and Atlanta. Given the size of the purse, Chevron's investment is believed to be similar to what companies pay to be a title sponsor of a regular PGA Tour event.
"We are delighted that Chevron has agreed to partner with the foundation," Woods said in a statement. "Chevron has a track record and a commitment to bettering the communities where they operate. We are excited about working with them to codevelop programs that will further the efforts of the Tiger Woods Foundation."
Proceeds from the December tournament go to the foundation, which includes the Tiger Woods Learning Center in Anaheim and another education center to be built near the nation's capital.
Chevron said it also would help expand Woods' youth programs in California and select locations around the world.