The Sports
Business
Wachovia Banks on Appeal of Sports
North
Carolina recorded the equivalent of a hole-in-one last month with
Wachovia Corp.’s announcement that it will sponsor a PGA Tour
tournament next May 8-11 at Charlotte’s Quail Hollow Club. The
Wachovia Championship will carry a purse of $5.6 million and a
winner’s share of $1 million, making it one of the richest events in
golf and increasing the chances of an appearance by Tiger Woods.
With an early May date, the new tournament should benefit from being
played about a month after the Masters, just when many top players are
starting to prepare for the U.S. Open in mid-June.
Another benefit in attracting a top-notch field is Quail Hollow, which
was popular among players when it hosted the Kemper Open from 1969-79.
Several years ago it was fine-tuned by noted golf architect Tom Fazio,
who left room for new tees for just such an occurrence. Work already
has begun on seven new tees that will allow Quail Hollow to play to a
maximum of 7,400 yards.
“We’d like to slip in with what they do at Bay Hill, The Players
Championship and the Memorial, and we think we have the course to do
that,” says Johnny Harris, the president of Quail Hollow, referring
to tournaments that by reputation fall just below the four major
championships.
Wachovia has agreed to sponsor the championship through 2006. The date
is especially attractive from the financial giant’s standpoint, says
President and CEO Ken Thompson, in that it will “boost its branding
effort as it moves forward in a merger with First Union. The first
tournament will coincide with the full conversion to the Wachovia name
in the Carolinas next May. The Wachovia Championship allows us to
further our brand on a national level and create considerable economic
impact for the city of Charlotte, our region and our state.”
Wachovia’s news followed a change in name and date — plus a purse
increase — by the state’s traditional PGA Tour stop, the Greater
Greensboro Chrysler Classic. Renamed the Chrysler Classic of
Greensboro, the 2003 tournament will move from late spring, where
it’s been a fixture for 64 years, to Oct. 16-19 and sport a $4.5
million purse, up $700,000 from this past April’s event won by Rocco
Mediate. -- Kevin Brafford
Return to magazine index
|
|
