The PGA Tour has signed a significant four-year sponsorship deal with ISCO Industries, a piping solutions provider, valued at approximately $8-10 million annually.
As part of this new arrangement, the Barbasol Championship will be rebranded as the ISCO Championship. This tournament, held annually in Kentucky, runs concurrently with the Genesis Scottish Open, which is co-sanctioned with the DP World Tour.
This sponsorship is a positive development for the PGA Tour, especially given the challenges faced since the emergence of LIV Golf two years ago. Several major sponsors have either severed ties or demanded steps to stabilize men’s professional golf.
Notably, Honda ended its title sponsorship in 2023 after a 40-year partnership. Wells Fargo also announced the end of its 22-year association last December, and Farmers Insurance will not renew their contract after it expires in 2026. RBC has adopted a ‘wait-and-see’ approach before making any further decisions.
Truist is set to replace Wells Fargo as the sponsor for the signature event at Quail Hollow Club in Charlotte, according to SBJ. With this latest deal, the PGA Tour has secured full sponsorship for the 2024 season and will now focus on 2025.
PGA Tour player director Webb Simpson has spoken about the financial strain on sponsors, noting that the Tour has been asking for $13-15 million a year from title sponsors. Simpson highlighted that the current model is unsustainable at the purse sizes seen over the past year, leading to sponsors feeling the pressure.
“Sponsors are pulling out,” Simpson said. “Wells Fargo, Farmers, and likely a couple more this year. It’s a lot of money to put up for a week, considering the costs associated with stadiums and sponsorships.”
Simpson emphasized the need to deliver a valuable product at a reasonable price, citing the satisfaction of Wells Fargo up until the increasing purse demands. “The product is really good. We’ve just got to sell it at the right price. We’ve got to be careful there.”
The 2023-2024 PGA Tour schedule features $398.9 million in prize money across 27 tournaments, with an additional $75 million for the Tour Championship purse.