Valero Energy Corp., one of the nation's largest oil refiners, has agreed to
pay $15.3 million to be title sponsor of the Texas Open golf tourney for the next
five years.
The deal was announced Wednesday, a day before this year's Texas Open gets
under way.
The tournament, one of the oldest on the pro tour, has been in financial distress
because it lacked a prime corporate sponsor. It needed a $1.3 million handout
from the PGA Tour to be played at La Cantera Golf Club in San Antonio.
``We were as concerned as you were about losing this tournament,'' Bob Greehey,
chairman and chief executive at San Antonio-based Valero, said at a news conference.
``We have the opportunity to take this tournament to the next level.''
Greehey said the sponsorship makes business sense given Valero's pending buyout
of Ultramar Diamond Shamrock Corp., a refiner and large-scale gasoline retailer
also based in San Antonio.
