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Kemper Withdraws Tour Sponsorship

The PGA Tour and Kemper Insurance have jointly announced that Kemper is withdrawing as sponsor of the PGA Tour's Kemper Open, effective with the 2003 tournament.
Kemper Insurance had sponsored the Kemper Open since 1968. The challenging state of the current economic conditions facing Kemper has necessitated adjustments to the company's business priorities, including termination of its sponsorship relationship with the tour.
The 2003 event, to be called the Capital Open at Avenel, will be played as scheduled June 5-8 at the TPC at Avenel outside Washington, D.C. The tournament will offer a $4.5 million purse and will be operated by Kemper Sports Management, a company unaffiliated with Kemper Insurance, which has operated the event since 1979.
The PGA Tour, with the assistance of Kemper Sports Management, is in discussion with several prospects for title sponsorship of the event.