"Bankruptcy is another matter, however."
/Steve Elling makes a case for why it'll be hard for companies to justify spending government bailout money on PGA Tour sponsorships.
But even more interesting was this item, which may punch a hole in the PGA Tour's "ironclad" contract status and gloating.
Six automakers sponsor events on the PGA Tour, including two by Buick, which is hemorrhaging money so quickly, it might not make it to the end of the year. Bankruptcy is an increasingly likely scenario, according to the automaker, which could and should jeopardize the two Buick stops on the '09 tour calendar.
Understand that when the tour signs a deal with a title sponsor, it is written in blood. Just because Wachovia and Buick are in hot water doesn't mean the tour contracts are void or that financial details will be changed. The suits at tour headquarters play hardball. Tournaments must buy their way out of deals if they wish to escape before the contract term runs its course.
Bankruptcy is another matter, however.
"That would really be the one scenario where we would consider (voiding a contract)," tour communications chief Ty Votaw said two weeks ago at the Ginn sur Mer Classic, an event that is on life support because of the swan-diving real-estate market. "And if that was to transpire, we'd be standing there in line along with all the other creditors."