PGA Tour loses another big sponsor that also ends deal with Rickie Fowler
One of the PGA Tour's longest-serving title sponsors will not be renewing its deal.
Farmers will not be renewing its title sponsorship of its PGA Tour event - the Farmers Insurance Open - when it expires in 2026, according to Sports Business Journal (SBJ).
The brand is also cutting ties with Rickie Fowler, following a decade-long partnership with the popular PGA Tour star.
Sources close to the insurance company have told SBJ that Farmers will also be cutting back on the number of executives it sends to this month's Farmers Insurance Open.
The company is said to have already returned a number of hotel rooms to the PGA Tour, along with plans for less activation.
The 2024 Farmers Insurance Open takes place from January 24-27.
Farmers will remain the title sponsor of the annual San Diego event at famed Torrey Pines for three more years to see out their seven-year extension that was signed back in 2018.
The company also sponsors the Advocates Pro Golf Association (APGA) Tour event at Torrey Pines prior its PGA Tour event.
Farmers has worked with the PGA Tour ever since sponsoring its first event in 2010.
But the company is pulling the plug on its activiation within the professional golf space, especially with the PGA Tour commanding in the region of $14m per year from title sponsors.
Farmers cut ties with one of the most popular figures on the PGA Tour in Fowler, 35, it was confirmed last week.
The company has sponsored the six-time PGA Tour winner since 2013.
Eagle-eyed golf fans realised Fowler was without his customary Farmers logo on the side of his PUMA cap at The Sentry in Hawaii, which marked the first event of the new 2024 PGA Tour season.
Fowler then revealed the deal had come to an end and was not being renewed.
It was a leadership decision by Farmers' new CEO Raul Vargas, said Fowler:
As a result of losing the sponsorship, Fowler had to fend off rumour he was set to move to LIV Golf.
Rickie Fowler WITB 2024
Driver: Cobra Darkspeed (9 degrees; Mitsubishi Diamana WB 73 TX)
Fairway Woods: Cobra Aerojet LS (14.5 degrees; Aldila Tour Green 75 TX), Cobra LTDx LS (17.5 degrees; UST Mamiya LINQ M40X 8F5)
Irons: Cobra KING Tour (4-PW; KBS Tour C-Taper 125 S+)
Wedges: Cobra KING Snakebite (54, 56, 60 degrees; KBS Tour 610)
Putter: Odyssey Versa Jailbird
Ball: TaylorMade TP5 pix
In August, Farmers laid off 11% of its workforce in an effort it said was to protect long-term profitability.
The latest update about Farmers marks the second big title sponsor to pull the plug with the PGA Tour.
Wells Fargo has also decided not to renew its deal to title sponsor the Wells Fargo Championship after this year's event from May 9-12.
Many other companies currently working with the PGA Tour are said to be "taking a wait-and see approach as negotiations with the PGA Tour, PIF and DP World Tour continue to try and reach a deal that would potentially invest billions into the Tour," writes SBJ.
RBC is said to be one of those companies playing the waiting game as their RBC Canadian Open and RBC Heritage are both on one-year deals in 2024.
The DP World Tour confirmed this morning that Keith Pelley is stepping down from his role of CEO to join Canadian-based sports company Maple Leaf Sports Entertainment.
Guy Kinnings will assume the position of CEO at the DP World Tour just before The Masters in early April 2024.
The R&A also confirmed Martin Slumbers is going to leave his role of CEO at the end of the season.
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