The PGA Tour added another key piece of business Friday morning, announcing that Nationwide Insurance will take over as presenting sponsor of the Memorial in 2011, but it seems the circuit will need to find a new umbrella sponsor to replace the insurance giant.
The news that Nationwide has stepped in for long-time presenting sponsor Morgan Stanley comes on the heels of Thursday’s announcement that Deutsche Bank exercised a two-year option to continue to sponsor the second playoff event at TPC Boston along with EMC Corporation which will become a presenting sponsor.
“The last few years have been difficult with our global economy,” said Memorial host Jack Nicklaus.
At about the same time the announcement was made in Dublin, Ohio, news started to surface that Nationwide would step down as umbrella sponsor of the PGA Tour’s secondary circuit.
“PGA Tour loses Nationwide as sponsor. Official announcement later today,” Paul Azinger tweeted Friday morning.
Nationwide is in the eighth year of a 10-year deal with the Nationwide Tour, but confirmed that the company plans to step down after 2012.