Deutsche Bank and the PGA Tour have reached an agreement in principle on a four-year contract extension that, barring any setbacks, will keep the German bank as title sponsor of the Deutsche Bank Championship through 2016.
Always held at TPC Boston in Norton and played over Labor Day weekend, the tournament has been sponsored by Deutsche Bank since 2003, when the event made its debut on the PGA Tour schedule. Since 2007, it’s been the second of four FedEx Cup playoff tournaments — only the top 100 players on the points list qualify — and for the second straight year will be offering an $8 million purse.
The bank’s most recent contract with the tour is set to expire after this year’s tournament, scheduled for Aug. 31-Sept. 3.
According to a source close to the deal, Deutsche Bank already has signed off on extending the sponsorship through 2016. An official announcement is ready to be made, the source said, subject to Deutsche Bank’s tournament partners — EMC and the Tiger Woods Foundation, which has been the primary charitable beneficiary — coming to similar decisions. The hope was to have everything in place by the tournament’s media day, which is Monday at TPC Boston.
EMC was added to the tournament’s sponsorship team last year, and committed to the two-year extension. During tournament week a year ago, Seth Waugh, the CEO of Deutsche Bank Americas, said he wanted to give EMC the opportunity to experience the event first before any sponsorship extension discussions were held.
“We’ll sit down pretty quickly after this and say, ‘OK, did it work for you guys, are you happy, do you want to be a team going forward?’ ” Waugh said last year.
Celebrating its 10th tournament as title sponsor this year, Deutsche Bank has supplied a consistent name to one of only two PGA Tour events held annually in New England. Of the 46 tournaments on the tour’s 2012 schedule, just seven have longer relationships between event and corporate sponsor than the Deutsche Bank Championship.