US golf’s top-tier PGA Tour has renewed a commercial deal covering title sponsorship of the Butterfield Bermuda Championship event, with financial services firm Butterfield and the Bermuda Tourism Authority.
Through a multi-year extension, those two parties will both carry on as co-title sponsors of that event, which made its debut in 2019 as the first official PGA Tour event on the Caribbean island.
The 2023 edition of the event started yesterday (November 9) at the Port Royal Golf Course and is being covered for a US audience by the Golf Channel.
The extension will see a prize purse of $6.5 million accompany the event, which will be featured as part of the PGA Tour’s FedEx Cup Fall tournament swing, announced in April.
The FedEx Cup Fall began in September and is a means through which players will be able to secure their PGA Tour status and earn additional playing opportunities for the 2024 season.
Winners of each event will continue to receive a two-year PGA Tour exemption, 500 FedExCup points, entry into the season-opening Sentry Tournament of Champions and the Players Championship, and additionally qualify for majors where PGA Tour victories count as eligibility status.
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The swing concludes with The RSM Classic (November 13 to 19), and in total during the eight FedEx Cup Fall events, $56.6 million in prize money is being awarded.
Tyler Dennis, chief competitions officer at the PGA Tour, has said: “We would like to thank Bermuda Tourism Authority and Butterfield for their continued support of the Butterfield Bermuda Championship, and we look forward to further building upon the substantial charitable and economic impact the event has made on the island.”
Tracy Berkeley, the Bermuda Tourism Authority’s chief executive, added: "The Bermuda Tourism Authority is excited to continue our partnership with Butterfield and the PGA Tour to showcase our beautiful island on a global stage.
“We’ve seen what the economic impact from this event can do for our community and look forward to continuing the momentum.”
Earlier this week, Fenway Sports Group (FSG) confirmed it had held conversations with the PGA Tour, amid multiple media reports of a significant investment offer being tabled.
It is not clear whether this offer would entail FSG working alongside the Saudi Public Investment Fund (PIF)-backed LIV Golf circuit, which announced a framework agreement with the PGA Tour and the European DP World Tour in June – however, the parties only have until December 31 to agree on a binding contract.
That framework entails the for-profit assets of the three circuits being combined into a new subsidiary tentatively called NewCo. After an evaluation of those assets, the PIF, which owns 93% of LIV Golf, will make a minority investment into the new entity.
NewCo will be an umbrella for all future golf-related investments of the three groups and plans to create financial returns through “targeted mergers and acquisitions to globalize the sport.” The PIF, meanwhile, will invest in both the PGA Tour and DP World Tour as a “premier corporate sponsor.”
The PGA Tour has already turned down a minority investment and potential strategic partnership offer from Endeavor, the international entertainment and sports giant.