Nationwide Insurance Has Vowed To Remain Associated With Memorial Tournament Initiated By Jack Nicklaus

The sponsor for PGA Tour’s development circuit has announced to terminate its sponsorship after the completion of its contract. The contract covered a period of two years. However, Nationwide Insurance has vowed to remain associated with Memorial tournament initiated by Jack Nicklaus. Nationwide Insurance maintained its desire and wish to remain involved with golf starting in 2011. The abrupt decision by Nationwide to remove its sponsorship for developmental circuit has caused ripple effects in the golf arena.

Nationwide management has decided to shift its focus from developmental circuit to memorial tournament. According to Nationwide chief marketing executive, the company has remained in developmental circuit for the last eight years and now the company has got the opportunity to support the memorial. Jim Lyski considered the change of policy as positive and a source of great opportunity for Nationwide.

Nationwide insurance is affiliated with sponsorship of developmental circuit tours from the last eight years. The decision by Nationwide to terminate its contract for the developmental circuit has been taken very seriously by PGA tour. In response to Nationwide Insurance’s decision to remove its sponsorship, PGA Tour commissioner expressed his concerns for future sponsorship requirements. Tim Finchem PGA Tour commissioner termed the tour as economically yielding, despite difficult financial circumstances. However, he declared that efforts would soon be started to find a new sponsorship in place of Nationwide Tour.

The tour’s change of sponsorship is a routine issue. Initially, the sponsorship was held with Ben Hogan from 1990-93. The contract with Ben Hogan terminated in 1993 after which it assumed the name Nike Tour. The sponsorship responsibilities were then taken up by Buy.com and it continued to sponsor golf events from 2000-2002. The new contract after Buy.com was awarded to Nationwide Insurance that successfully remained at the helm of affairs from 2003-2012. Tim Finchem is not worried about the announcement made by Nationwide and is optimistic about the current set-up till 2012. However, he expressed that the search for new sponsor would be started for the events that are planned after 2012.

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He expressed his confidence on the partnership with Nationwide and stressed that golf events are 100 percent sponsored for the next two years. Finchem said that there is no problem with Nationwide retracting its sponsor after the completion of its contract. Finchem vowed to find a new partner soon.

The new contract between Nationwide and Memorial is for a period of six years. Nationwide took the responsibility to sponsor Memorial tournament after Morgan Stanley was replaced from sponsorship rights of Memorial. The Memorial Tournament is one of the most important events in the golf arena. The Memorial was initiated by Jack Nicklaus. It is worth mentioning that the Memorial Tournament was founded by Jack Nicklaus at his own designed Golf course. Jack Nicklaus won the tournament himself, one year after its formulation.

Jack Nicklaus rejected all the apprehensions and speculations that Nationwide’s decision to retract from developmental circuit tournament is due to Memorial tournament. He distanced himself from Nationwide’s decision, and urged that he did not have any influence on Nationwide to retract from tour’s sponsorship. According to Nicklaus, he did not believe in interfering between Nationwide and tour’s relationship. He stressed that his efforts would be directed to happen all events in right way. Similarly, he expressed his happiness on Nationwide’s decision to involve with the Memorial tournament.

Nationwide CEO Steve Rasmussen offered to facilitate new sponsor for the tour. He said that he wished to continue working with Tim Finchem and his team. He considered the Nationwide Tour as an exceptionally important event, and regarded the tour as part of their family.

The Chief Marketing Officer Nationwide Insurance Jim Lyski referred the difficult decision as unavoidable. He attributed the decision to financial conditions of the company. He said while defending the decision that company was in need of redefining its expenditures in comparison with the income.

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Tags: Jack Nicklaus, the PGA Tour