Northern Trust Signs 4-Year Extension of Title Sponsorship
July 18, 2011
Northern Trust Signs 4-Year Extension of Title Sponsorship
New agreement carries Northern Trust Open through 2016 at Riviera Country Club
CHICAGO and PONTE VEDRA BEACH, Fla. - The PGA TOUR and Northern Trust (Nasdaq: NTRS) today announced a four-year sponsorship extension for the Northern Trust Open at Riviera Country Club in Los Angeles through 2016. Northern Trust's original five-year agreement expires after the 2012 tournament.
"When Northern Trust first came on board as title sponsor in 2008, its executive team clearly was committed to invigorating this historic tournament and reestablishing its profile as a premier event," said PGA TOUR Commissioner Tim Finchem. "Over the past four years, we have seen tremendous strides and a renewed energy surrounding the Northern Trust Open, particularly with the addition and leadership of Jerry West as Executive Director. It's certainly headed in a positive direction, and with today's announcement of Northern Trust's four-year extension, the tournament undoubtedly is going to continue to grow and have a positive influence on the Los Angeles area."
While the charitable impact of the 2011 tournament has yet to be announced, last year's Northern Trust Open generated nearly $1.5 million.
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In addition the charitable impact, a study commissioned last year by the PGA TOUR with Beacon Economics showed the Northern Trust Open is responsible for an economic impact of more than $21 million on Los Angeles County. The impact includes the equivalent of 201 full-time jobs for a year created by the event, with earnings of approximately $7.4 million and local tax revenues of $350,000.
"I am thrilled that Northern Trust will be continuing its commitment to this tournament and the community of Los Angeles, and I know my excitement is shared by the thousands of residents who are impacted by the Northern Trust Open each and every year," said Jerry West, Northern Trust Open executive director. "Northern Trust is an engaged, committed, passionate title sponsor, and the organization's leadership has helped reestablish the tournament as a major sporting event in Los Angeles that will only continue to grow and make a bigger difference on the lives of our neighbors in need."
Two significant developments relating to the Northern Trust Open's operation occurred in 2009. First, it was announced in February that the PGA TOUR's Championship Management division was partnering with the Los Angeles Junior Chamber of Commerce, the tournament's longtime host organization, to assume the day-to-day operation of the tournament. Then, in May 2009, West was introduced as the Northern Trust Open's Executive Director.
What started as the Los Angeles Open is one of the longest-running tournaments on the PGA TOUR, debuting in 1926 at Los Angeles Country Club. It had been staged at various courses throughout the Los Angeles area before permanently settling at Riviera Country Club in 1973. Aaron Baddeley captured the title in February, winning by two strokes over Vijay Singh.
About the Northern Trust Open
What started as the Los Angeles Open is now the Northern Trust Open, one of the longest-running tournaments on the PGA TOUR. Debuting in 1926 at Los Angeles Country Club, the event had been staged at various courses throughout the Los Angeles area before permanently settling at Riviera Country Club in 1973. Outside of the major championships, the Northern Trust Open is the fourth-oldest event on TOUR, trailing only the BMW Championship, the Canadian Open and the Valero Texas Open. The 2010 Northern Trust Open raised $1.48 million for non-profit organizations in the Los Angeles area, bringing the total generated for Los Angeles charities since the event's inception to nearly $52 million. For ticket information, visit www.northerntrustopen.com.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2010, Northern Trust had assets under custody of US$4.1 trillion, and assets under investment management of US$643.6 billion. For more than 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com.
About PGA TOUR
The PGA TOUR is the world's premier membership organization for touring professional golfers, co-sanctioning more than 100 tournaments on the PGA TOUR, Champions Tour and Nationwide Tour.
The PGA TOUR's mission is to entertain and inspire its fans, deliver substantial value to its partners, create outlets for volunteers to give back, generate significant charitable and economic impact in communities in which it plays, and provide financial opportunities for TOUR players.
In 2011, the three Tours collectively have tournaments in 29 states and in 12 countries and territories outside of the United States. PGA TOUR tournaments are broadcast to nearly 600 million households in 225 countries and territories in 30 languages.
Virtually all tournaments are organized as non-profit organizations in order to maximize charitable giving. In 2010, tournaments on the three Tours generated more than $120 million for local charitable organizations, bringing the TOUR's all-time total of charitable contributions to more than $1.6 billion.
The PGA TOUR's web site is PGATOUR.COM, the No. 1 site in golf, and the organization is headquartered in Ponte Vedra Beach, FL.
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