The PGA Tour announced Monday that Buy.com is taking
a major sponsorship position with the Tour.Effective immediately, the
professional golf tour previously known as the NIKE Tour, will become the
Buy.com Tour.
The Buy.com Tour will debut in 2000 with 30 events playing for approximately $12 million in prize money.
Buy.com, an Aliso Viejo, Calif., corporation, is a leading Internet retailer and
e-commerce portal to seven specialty stores that include computers, software,
books, videos/DVDs, music, games and clearance products.Buy.com was
incorporated in June 1997 and is already among the top e-commerce sites.
"The PGA Tour is very excited about this new relationship with one of the
leading companies in the Internet marketplace," said PGA Tour Commissioner
Timothy W. Finchem."Buy.com is on the cutting edge of a new wave of commerce,
and we see this partnership as a bold new step that will help this Tour expand
and develop while providing new e-commerce opportunities for the Tour."
Last weekend's season-ending NIKE Tour Championship in Dothan, AL, where
the top 15 players on the final money list earned playing privileges on the PGA
Tour for 2000, concluded the Tour's 10th season.
Originally formed in 1990 as the Ben Hogan Tour, the tour became the NIKE
Tour with the start of the 1993 season.Nike's original contract with the PGA
Tour included the 2000 season, but Nike will now seek to develop new projects
under the Tour umbrella.
Designed to produce greater opportunities for aspiring PGA Tour players to
develop their skills,Buy.com Tour alumni have produced 70 PGA Tour wins. David
Duval, Tom Lehman, Ernie Els, Jim Furyk and Jeff Maggert are among the NIKE Tour
alums.A record 18 PGA Tour titles have been won this season by alums of this
Tour.
The Buy.com Tour crosses the United States with events held from the state
of Washington to Pennsylvania, Florida and South Dakota.Each tournament will
have a minimum purse of $350,000 in 2000, a 55.5% increase over 1999.
"It is our desire to see the Buy.com Tour assume a more prominent position
in the world golf scene," said Finchem."This new relationship will help carry
this Tour to new heights as it continues to not only develop new players for the
PGA Tour, but carries golf to new audiences while raising substantial sums for
local charities."
"While we are delighted with our new partner, we must also applaud Nike for
its seven-year sponsorship of the Tour," added Finchem."They were instrumental
in providing the underpinning and support that enabled this Tour to grow to new
heights. We're also pleased that Nike will be involved with other PGA Tour
programs going forward."
Just like the PGA Tour and Senior PGA Tour, the Buy.com Tour has significant
impact on local communities with events raising approximately $16 million for
charity since 1990.Overall, PGA Tour, Senior PGA Tour and Buy.com Tour events
have raised over $500 million for charity since 1938.
A key provision of the new agreement calls for Buy.com to donate a portion
of its golf-related web-sales to the World Golf Foundation's First Tee program.
This initiative, which is supported by virtually every leading American golf
organization, is designed to provide access to affordable golf to people who
otherwise would have none.The program places a special emphasis on reaching
children and instilling in them the values inherent to the game of golf.
"Buy.com's interest in sharing our vision for The First Tee program was a vital component of this new agreement," said Finchem."It is our hope that The
First Tee will offer children a chance to enjoy this wonderful game while
broadening the game?s overall audience."
