Here’s some breaking news that I’ll follow up on later today — but Korean electronics giant LG Electronics is apparently in the final stages of negotiating a deal to come on as the title sponsor of the Canadian Open. Bell Canada, the last title sponsor, pulled out in 2006, and the event ran this year and last without a sponsor. Sources says a deal is almost certain and should be completed by the end of October.
More on this to come.
Update: Here’s my story on the matter on Score Golf. I think it is clear that LG is near a deal — at least that’s what the company’s marketing director told me. However, as another source said, “there’s nothing signed on paper yet.” Until that happens, this could fall apart. On the other hand, this could well be the factor that saves the Canadian Open.
Here’s a taste of the Score story:
The Canadian Open could find salvation in the guise of Korean giant LG Electronics after the company announced yesterday that it is in the final evaluation stages of negotiating a multi-million dollar title sponsorship deal.
This is a fantastic event with some real upside to this as the FedExCup gets developed, said Andrew Barrett, vice-president of marketing for LG Electronics in Canada.
Were just in the final evaluation stages to make sure it will fit very strongly with LGs business plan and make sure we can bring everything to the Canadian Open from an LG perspective. Thats our position today.
The Canadian Open has been without a sponsor since Bell Canada withdrew as title sponsor in 2006.
LG, which is launching a golf promotion in Montreal on Wednesday with Stephen Ames, said several key executives would to be visible at this weeks Presidents Cup to meet with officials from the Royal Canadian Golf Association (RCGA) and the PGA Tour. Barrett said the organization was worried about rumors of its interest in the Canadian Open leaking out.
It is important for us to explain why were here, as opposed to it just being speculation, he said. Were a fast growing brand and it is time we really root ourselves in key events. Golf is a strategic fit for us and we see the Canadian Open as a great opportunity.