Schwab Inexplicably Locks In 20-Year Champions Tour Deal
/"Chuck" and Commissioner Value appeared on CNBC to announce the incredible 20-year deal between the Champions Tour and Charles Schwab that will continue to sponsor the year-long points race. You know, the one that only friends and family of Champions Tour players care about.
Think about that...20 years. Patrick Reed will still be several years away from Champions Tour eligibility!
Anyway, after the CNBC dude grills "Chuck" about indexes and funds and portfolios as the Commissioner tries to not act annoyed, Tim Finchem is asked about the unprecedented deal, only to be cut-off in the online version after someone decided the value word was dropped one-too-many times.
Part of the release that also mentions, should you care, a "playoff" series coming to the Geezers Tour. (Because the PGA Tour Playoffs have been such a ratings winner):
Charles Schwab and PGA TOUR Sign Record
20-year Marketing Partnership
Multifaceted extension assures continuation of Charles Schwab Cup
SAN FRANCISCO, CA and PONTE VEDRA BEACH, FL (January 20, 2015) – The PGA TOUR and Charles Schwab & Co., Inc. today announced an historic 20-year extension of their multifaceted marketing partnership. This represents the longest marketing agreement the PGA TOUR has ever entered.
In conjunction with the extension, the Champions Tour will be creating a playoff system beginning with the 2016 season, with details on the structure forthcoming. The announcements were made by Schwab Founder and Chairman Charles R. Schwab and PGA TOUR Commissioner Tim Finchem.
Key elements of the marketing extension include the continuation of:
Schwab’s Official Marketing Partner status as the Official Investment Firm of the PGA TOUR and Champions Tour;
Schwab's umbrella sponsorship of the season-long Charles Schwab Cup competition on the Champions Tour;
Schwab's sponsorship of the season-ending Charles Schwab Cup Championship, the culmination of the Charles Schwab Cup.
“Charles Schwab has been an exceptional partner of the PGA TOUR and Champions Tour since 1997,” Finchem said. “In particular, Schwab has had a profound impact on the Champions Tour through its sponsorship of the Charles Schwab Cup and, more recently, the Charles Schwab Cup Championship. Today, we are thrilled to announce that this important relationship will continue another 20 years through this unprecedented agreement.
“Additionally, with this long-term commitment by Schwab, we are delighted to announce that the Champions Tour will be moving toward a playoff format, which we will outline at a later date. Schwab’s interest in continuing its sponsorship for this duration truly is a testament to the dedication, accessibility and hard work of the players and everyone involved with the Champions Tour.”
“So many of our clients and prospective clients are as passionate about golf as they are about investing, and so we’re very excited about having this expanded relationship with the PGA TOUR,” said Schwab. He added, “The parallels between investing and golf are numerous, especially the dedication and commitment they both require, and we look forward to continuing to serve the investment needs of TOUR players and golf fans everywhere.”
Charles Schwab first joined the PGA TOUR’s Official Marketing Partner program in 1997. In 2001, the Charles Schwab Cup was introduced as the Champions Tour’s first-ever, season-long points competition to identify the leading player on the Tour. Two years after the Charles Schwab Cup was introduced, the company became a sponsor of the Charles Schwab Cup Championship.
“The Charles Schwab Cup has had a major impact on the Champions Tour with the season-long competition highlighting our leading players and significantly improving the stature of the Tour while maintaining the interest of our fans throughout the season,” said Greg McLaughlin, President of the Champions Tour. “I know everyone involved with the Champions Tour is extremely excited that The Charles Schwab Corporation has agreed to continue its sponsorship over the next two decades.”
In addition to the sponsorship elements, Schwab’s marketing program includes consumer engagement and relationship-building assets across multiple PGA TOUR and Champions Tour events and TPCs, plus advertising on PGATOUR.COM and with the TOUR's broadcast partners. Schwab also provides investment-related services to TOUR players and staff.
