Ginn begins pro tour defections

The economic fallout has started hitting the world of professional golf in earnest. Ginn Resorts and Development Company has reneged on several sponsorship agreements this year. It is ending its active participation in professional golf, leaving both the Champions Tour and LPGA Tour high and dry on events scheduled for April. The Champions Tour's $2.5 million Ginn Championship at Hammock Beach Resort in Florida was scheduled for April 3-5, the LPGA's Ginn Open in Orlando, Fla., was scheduled to be held April 16-19.
Ginn companies are withdrawing their sponsorship of all golf tournaments and golfers, and will not be hosting or producing any professional golf tournaments. Since Annika Sorenstam's retirement, Cristie Kerr was the last player sponsored by Ginn.
Ginn Development Company is in the real estate resort and community development business, a sector of the economy that has suffered significantly during the credit and real estate meltdown. The real estate sales and marketing operations for Ginn communities were terminated on Jan. 23 due to the loss of revenue in those businesses. The company said in a release that the revenue that was generated from those operations had been used to fund golf tournaments and sponsorships, including paying for the prize money and television coverage for the events.
In all, Ginn has abruptly ended sponsorships of four professional tournaments on three tours in the past six months. Late last year the company announced it would no longer sponsor the PGA Tour's Ginn sur Mer Classic that was held in late October, and it announced last August that the Ginn Tribute hosted by Annika at RiverTowne Country Club in Mount Pleasant would end after two years and not take place as planned in 2009 and 2010.
More corporate defections from professional golf sponsorships are surely on the horizon. Hopefully those companies will give the tours more notice than a couple months.