Monday, January 23, 2006

Chrysler Bails on Greensboro's Golf Tourney

Chrysler is bailing as the title sponsor of Greensboro' s PGA TOUR stop after this fall's tournament. That comes as a bit of a surprise, since Greensboro was recently granted a more attractive date on the TOUR schedule starting in 2007.

Part of securing that more favorable date was a letter of credit for $22 million that assured plenty of money for four years of tournament purses. That letter of credit was backed up by corporate and individual pledges, so you can be sure there is plenty of motivation to find a large corporate sponsor to pay that money instead of those who made the pledges.

That means there should be a great opportunity for yet another awkwardly named golf tournament in Greensboro.


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