Memphis PGA Tour Event Renamed

by Ryan Ballengee on Mar 19, 2009 4:37 PM EDT Comment 4 comments

Stanford Financial, accused of committing somewhere in the area of $8 billion in fraud by the SEC, had a signficant involvement with golf. It sponsored the Eagles for St. Jude program, several pro golfers, (in principle) the LPGA Tour's Tour Championship event in Houston, and the PGA Tour Stanford St. Jude Classic.

The PGA Tour announced today that it will remove the Stanford name from the event and just call it the St. Jude Classic.

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Does this mean that the Tour...

…failed to lure a title sponsor for the event? I thought I heard last night on Golf Central that they were close to having a deal in place with a new title sponsor…

Whatever happens, I hope this doesn’t result in too much of a loss of dough for St. Jude’s. Those folks do God’s work every day of the week.

"Golf is a game whose aim is to hit a very small ball into a even smaller hole, with weapons singularly ill-designed for the purpose." - Winston Churchill

by turnover on Mar 19, 2009 4:46 PM EDT reply actions 0 recs

You know, I’m not certain on that. I think they want to get whatever mess with Stanford settled first, but I have no idea how this works. I’d probably need to consult an attorney.

by Ryan Ballengee on Mar 19, 2009 4:55 PM EDT reply actions 0 recs

Things generally don’t happen all that fast with sponsors…unless Tiger’s name is attached to it, of course. There may still be Stanford money behind the tournament technically, like the “tournament formerly known as the Wachovia” – but the name had to be changed to protect the innocent.

"this ball will fit in that fairway"

by courtgolf on Mar 19, 2009 6:49 PM EDT reply actions 0 recs

Would-be sponsor

FedEx, headquartered in Memphis, was prominently mentioned as a possible sponsor replacing Stanford about a month ago.

Today, FedEx announced they are cutting more jobs, reducing worker’s hours and reducing workers’ compensation after third quarter profits dropped 75 percent. CEO Fred Smith’s pay was cut by 20 percent.

Nearing the end of 2008, FedEx announced they were not going to match employees’ 401 (K) contributions.

With all of the above unfolding in the past 2-3 months, it is understandable that FedEx would not, could not sponsor the St. Jude – poor use of diminishing funds, poor choice to support a golf tournament while cutting hours and pay levels across the local (Memphis) and national spectrum.

Contractually they are still underway with the 2009 FedEx Cup – there are fewer TV blurbs promoting the Cup, but there are some.

I don’t know if there is a 2010 contract in place for continuation of the FedEx Cup but if it does continue in the same format, the utilization of about $20 million (full season TV ads, etc. plus the season-ending prize) could easily be used as a “poster-boy” for poor management practices, rank-and-file handlers, drivers. etc., getting stiffed for the second consecutive year while multi-million bucks go to a recreational pursuit.

Poor taste at the least, self-indulgent at the most.

FedEx not moving in to sponsor the 2009 St. Jude is the first shoe dropping.

Don't worry, nothing will be allright.

by rcrusoe on Mar 19, 2009 8:18 PM EDT reply actions 0 recs

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