PGA and Champions Tour commissioner Tim Finchem and Charles Schwab, the chairman of the Charles Schwab Corporation, made the announcement prior to Sunday's exciting final round of the Charles Schwab Cup Championship.
The relationship with Schwab includes Schwab being the official investment firm of the PGA and Champions Tours. Schwab also sponsors the season-ending Schwab Cup Championship, and the Charles Schwab Cup on the Champions Tour, the year-long points competition.
'This is a relationship which over the last five or six years has helped our players, our tournaments, our charities, and all the elements of the tour have benefited from this overall relationship that we've had,' said Finchem. 'We've enjoyed this partnership and we're looking forward now to building on it over the next five years.'
'First, I would really like to underscore our excitement about the extension of the five-year contract to 2008,' said Charles Schwab. 'We're really looking forward to the next five years. On the Champions Tour, there are just so many things, as Tim has mentioned, that are core to our values and core to theirs. Just to underscore Tim's comments, we like being a part of the tour, and in particular the Champions Tour, great guys and great values.'
Jim Thorpe captured the 2003 Charles Schwab Cup Championship on Sunday as he outdueled Tom Watson for the crown. Watson, however, claimed the season-long Charles Schwab Cup title and the $1,000,000 annuity that comes with it.