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It's official: Charles Schwab to sponsor Colonial event

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FORT WORTH, Texas – The longest-running PGA Tour event still played at its original site has a new title sponsor, one already deeply involved in golf.

The PGA Tour and Colonial Country Club announced Monday that financial services provider Charles Schwab & Co. will take over as title sponsor starting in 2019. The four-year agreement goes through 2022.

Local companies are backing the event after upscale grocer Dean and Deluca withdrew as title sponsor after only two tournaments of a six-year deal. The companies include American Airlines, AT&T, XTO Energy and Burlington Northern Santa Fe railway.

Charles Schwab is already a major sponsor on the PGA Tour. On the PGA Tour Champions, the Charles Schwab Cup is awarded to the season's top player.

Next month's tournament at Colonial, which has hosted since 1946, will be played as the Fort Worth Invitational.