NoTrust Bails On LA For Playoff Event Known As The Barclays

Barclays is out and Northern Trust takes over New York's playoff event, ending almost eight years as sponsor of the former Los Angeles/Nissan Open.

It was a rocky road, with some attendance disasters and bad PR when entertaining after the '08 market crash. Mostly it was an odd pairing for a Chicago company coming west to sponsor an event in February. So much so that there were annual rumors they were looking to get out. After several years of investing in the championship's infrastructure there was a noticeable leveling off of investment.

Doug Ferguson reports there is good news in this on many fronts: Hyundai, a proud and thriving Southern California company, is likely the replacement.

Also, this may be setting up a scenario where a likely non-renewal by Deutsche Bank could mean the end of one playoff event, reducing the bloated August/September schedule by a week. Though certainly not ideal for Boston fans or "growing" purses (if your bonus depends on it).

But first things first, no more Barclays, new LA sponsor. The full press release:

Northern Trust to Sponsor Lead FedExCup Playoffs Event in 2017

PGA TOUR’s New York/New Jersey-area tournament
 to be renamed THE NORTHERN TRUST

CHICAGO and PONTE VEDRA BEACH, Fla. (January 19, 2016) – The PGA TOUR and Northern Trust (Nasdaq: NTRS) announced today that beginning in 2017, the Chicago-based global bank will become title sponsor of the FedExCup Playoffs tournament held annually in the New York/New Jersey area.

Northern Trust will replace Barclays as sponsor through a five-year agreement that renames the tournament THE NORTHERN TRUST and maintains its position as the opening event of the FedExCup Playoffs.

With this move, Northern Trust will not renew its sponsorship of the Northern Trust Open at The Riviera Country Club in Los Angeles once the current contract expires after the 2016 tournament (February 15-21). It has sponsored the Northern Trust Open since 2008. An announcement regarding that tournament’s future will be made in the near future.

“We are thrilled that Northern Trust will become title sponsor of the lead FedExCup Playoffs event beginning in 2017,” said PGA TOUR Commissioner Tim Finchem. “Over the past eight years, Northern Trust’s dedication and passion as title sponsor has reinvigorated the Northern Trust Open, elevated its status as a premier event on the PGA TOUR and significantly increased its charitable giving. We know Northern Trust’s executive team will carry that same leadership and enthusiasm cross-country and continue to build upon the impressive foundation established in the New York/New Jersey market by Barclays.”

This year’s Barclays will be held at the Black Course at Bethpage State Park, Farmingdale (Long Island), N.Y.  When the tournament becomes THE NORTHERN TRUST, it will rotate through some of the best courses in the greater New York area beginning with Glen Oaks Club in Old Westbury (Long Island), N.Y., continuing a fantastic rotation throughout the greater New York/New Jersey area:

2018 The Ridgewood Country Club, Paramus, N.J.
2019 Liberty National Golf Club, Jersey City, N.J.
2020 Plainfield Country Club, Edison, N.J.
2021 Black Course at Bethpage State Park, Farmingdale (Long Island), N.Y.
2022 Liberty National Golf Club, Jersey City, N.J.

When Northern Trust became title sponsor in 2008, the Northern Trust Open immediately raised its purse by $1 million and its charitable contributions increased, with more than $2 million going to non-profit organizations in the greater Los Angeles area in 2015. Since Northern Trust became involved, the event has contributed nearly $12 million to charity, raising the tournament’s all-time total to more than $60 million since its inception in 1926.

“From the beginning, we are proud to have worked with the PGA TOUR to enhance the Northern Trust Open for all constituents from patrons to players to the Los Angeles community.  Over the past eight years attendance has more than doubled, fan enhancements such as food trucks and kids’ clinics have been added, military appreciation has expanded and importantly, contributions to local charitable organizations doubled,” Northern Trust Chairman and Chief Executive Officer Frederick H. Waddell said. “Now as we deepen our investments on the East Coast, we are excited to continue our partnership with the PGA TOUR by sponsoring a world class playoff event that supports our growing business and continued commitment to the communities we serve.”

Barclays became title sponsor of what is now The Barclays in 2005. Two years later, the tournament was elevated to become the lead FedExCup Playoffs event. In 2015, The Barclays generated more than $1.45 million for Metropolitan-area charities, raising the tournament’s all-time total to nearly $44.7 million since 1967.

“We sincerely thank Barclays for all it has done for The Barclays, particularly since its transition to become a FedExCup Playoffs event in 2007,” Finchem said. “We look forward to working with the Barclays’ team to make this year’s event the most successful ever when it returns to Bethpage Black in August (22-28).”