Celtic Tiger, Golfing Tiger: Both Are Hemorrhaging Money

Just as Tiger Woods has been absent from the PGA Tour during his indefinite break from the sport, it appears that Padraig Harrington will lose a primary sponsor in Bank of Ireland when their agreement ends in May.

Brian Keogh has the news from the Irish Golf Desk:

The bank entered the sponsorship deal in May 2007 for a three-year term and certainly got value for money as Harrington won three majors in the space of 15 months.

But the credit crunch and the fact that Bank of Ireland is now 15.7 per cent directly owned by Irish taxpayers has left some valuable space on Harrington’s chest.

I would say that the Bank of Ireland has a lot more to worry about than Paddy's swing tinkering.  Going into sovereign default is a much bigger deal.  Still, don't feel too bad for Paddy as Keogh notes that the three-time major winner still has deals with: FTI, Wilson Staff, Titleist, Footjoy, Oceanico, Citizen Eco-Drive, GoS Networks, Marquis Jet, the Marlbrook and White Oak Plantation.