NORTON, Mass., Sept. 2 — Despite speculation to the contrary, Deutsche Bank will remain the title sponsor of the PGA Tour’s only Massachusetts event for at least the next two years, Deutsche Bank Americas chief executive Seth Waugh said Thursday.
Two more years. “We’re here today to announce we’ll be extending for two more years with the Deutsche Bank Championship,” Waugh told reporters after playing in the day’s pro-am tourney with Tiger Woods.
EMC Corp., the data-storage company with headquarters in nearby Hopkinton, will become the local presenting sponsor for the tourney, which is the second stop on the tour’s FedEx Cup playoff schedule.
Deutsche Bank has sponsored the contest since its start in 2003. A previous report claimed that EMC would take over as title sponsor, but Waugh immediately put such discussion to rest.
“When I said all along we were very optimistic and that we’ve had an amazing experience, I meant what I said,” said Waugh, who hinted last month that the bank may not renew its tourney contract. The extremely tanned golf enthusiast with a reputed single-digit handicap said the parties involved in the deal — Deutsche Bank, EMC, the tour, Tiger Woods Foundation, and IMG — had inked the final contract just 10 minutes before he made his announcement.
Worth its weight in advertising. While that may have been exaggerated, Waugh noted that the benefits to his institution are not. Stamping his bank as the title sponsor of such a prestigious event that involves the best golfers in the world is worth more than $100 million in advertising a year, he told New England Golf Monthly.
Add to that the one-to-one client relationships built on the golf course as the run-up to the real competition, and Deutsche Bank enjoys advantages that are “pretty remarkable,” Waugh said.
All good things must end? While Waugh would not predict what will happen when the current deal ends, he did suggest that after a decade it may be time for the bank to consider doing “something else” that could accrue similar value.
“You also have to think about, does something run its course,” Waugh said. “We’ll have done it for 10 years; that’s a long time. It has or it hasn’t [run its course], but that’s a long time.”