Despite the recession, the PGA Tour continues to have success finding sponsors. The latest came Monday with the announcement that Farmers Insurance will host the annual Tour stop at Torrey Pines through 2014.
Farmers stepped in this year at the 11th hour to host the tournament, which was formerly sponsored by Buick. Bob Woudstra, chief executive officer of the insurance company, said in a teleconference today, "It's a very big day for Farmers. When this opportunity came up for the 2010 event, we were very excited even though we had only eight days to prepare."
The PGA Tour announced that next year's event will have a purse of $5.8 million. PGA Tour Commissioner Tim Finchem added, "This agreement will allow incremental growth of the purse as well as of charitable contributions over the course of the deal."
Buick, which had sponsored the event since 1992, filed for bankruptcy last year. Landing what now appears will be a long-term sponsor at the last minute is coup for the tour and for the Century Club, the San Diego organization that operates the event.
"Earlier this year, Farmers Insurance rode into San Diego like a knight in shining armor," said Tom Wornham, Century Club president and general chairman. "This agreement adds a wonderful new chapter to this dream-come-true partnership. The Century Club and the city of San Diego are very grateful."