Charles Schwab & Co. is further expanding its presence in golf by assuming title sponsorship of the PGA Tour event at Colonial Country Club in Fort Worth, Texas.
The four-year agreement, which starts next year and runs through 2022, is a much-needed boost of stability for one of the longest-running tournaments on the PGA Tour schedule, one that traces its roots back to 1946 and has ties to Fort Worth native (and Colonial member) Ben Hogan.
The event doesn’t have a title sponsor for this year (May 24-27) after Dean and DeLuca informed the tour last fall that it was pulling out two years into its six-year contract.
The tournament is called The Fort Worth Invitational this year in recognition of efforts by city leaders, who were able to recruit companies such as AT&T, American Airlines, Burlington Northern Santa Fe Railway and XTO Energy Inc. to help underwrite much of the required $12 million in funding, with Colonial Country Club offsetting the remainder of the costs.
Charles Schwab is based in San Francisco, yet the financial services company with $3.33 trillion in client assets has offices throughout Texas, including one in downtown Fort Worth. The investing and banking firm is also building a new corporate campus in Westlake, an upscale suburb of Fort Worth, that’s scheduled to open in 2019, the same year the Colonial sponsorship begins.
“Schwab has a long history of investing in the communities in which we live and serve our clients and with our growing presence in, and commitment to the state of Texas, we could not be more delighted to support the tradition of this tournament,” says Jonathan Craig, Senior Executive Vice President of the Charles Schwab Corporation.
Charles Schwab is already a major sponsor of the PGA Tour and PGA Tour Champions, and earlier this month signed a three-year deal to become a sponsor of the PGA Championship. Under terms of the agreement, Charles Schwab becomes the official wealth management firm of the PGA of America and the PGA Championship from 2018 through 2020.
RELATED CONTENT:
National Golf Day to Bring Congressional Meetings Along With Free Lessons, Clinics
U.S. Open at Shinnecock to Offer More than 9 Hours of Live TV Coverage Per Day
