OAKVILLE, Ontario (AP) – The PGA Tour has agreed to loan the Canadian Tour money and assist next year in tournament development and sponsorship.
The amount of the loan wasn't disclosed Wednesday.
“Understanding its current financial issues, the PGA Tour has agreed to lend support to the Canadian Tour in 2012,'' said Ed Moorhouse, the PGA Tour's co-chief operating officer. “Our goal is to help lend stability to the Canadian Tour, which we believe plays an important role in professional golf and has proven to be a valuable system for developing players over the years.
“We will assess the situation with the Canadian Tour during the course of the coming year to determine what level of PGA Tour support should be provided moving forward.''
The Canadian Tour has been a full member of the International Federation of PGA Tours since 2009.
“Whether this leads to more direct involvement by the PGA Tour beyond 2012 will depend on a number of factors, including our ability to strengthen and grow the Canadian Tour across Canada from coast to coast,'' Canadian Tour Commissioner Rick Janes said. “In the meantime, it is a great opportunity to work with the pre-eminent brand in golf and we can only benefit from that experience.''