Crowne Plaza is not planning to return as title sponsor of the PGA Tour event at Colonial Country Club in Fort Worth, Texas, according to multiple sources familiar with the company’s plans. The Crowne Plaza Invitational becomes at least the sixth event the tour is trying to sell to new title sponsors.
According to an article in the Dallas Business Journal, Crowne Plaza is contracted to spend roughly $7 million a year on sponsorship and media commitments for title sponsorship to the tournament. The deal was announced as a six-year term from 2007 through 2012, but sources said the company can exit after the 2010 event, which is likely to be played next May.
InterContinental Hotels, the parent company of the upscale hotel chain, saw annual profits drop 43 percent in 2008 and stock prices have fallen about 30 percent in the last year. Crowne Plaza also decided not to renew a one-year deal with Phil Mickelson, who appeared in a series of ads for the company last year.
The PGA Tour is not believed to be in advanced discussions with a replacement for Crowne Plaza, according to the article. The PGA Tour declined to comment.
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