May 13, 2011 at 07:14 PM
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Northern Trust Renews PGA Tournament

Northern Trust today announced a four-year sponsorship extension with the PGA Tour for the Northern Trust Open in Los Angeles through 2016. Northern Trust’s original five-year agreement was set to expire after the 2012 tournament.

The deal is a positive sign for the PGA Tour. After taking TARP money in 2009, Northern Trust drew fire from lawmakers for its sponsorship of the tournament. The bank responded with this letter and repaid the government in June of that same year.

“When Northern Trust first came on board as title sponsor in 2008, its executive team clearly was committed to invigorating this historic tournament and reestablishing its profile as a premier event,” said PGA TOUR Commissioner Tim Finchem. “Over the past four years, we have seen tremendous strides and a renewed energy surrounding the Northern Trust Open, particularly with the addition and leadership of Jerry West as Executive Director. With today’s announcement of Northern Trust’s four-year extension, the tournament undoubtedly is going to continue to grow and have a positive influence on the Los Angeles area.”

“We are proud to renew our commitment to the Northern Trust Open,” said Northern Trust Chairman and Chief Executive Officer Frederick H. Waddell. “This is a terrific event that attracts the world’s best professional golfers while supporting our business goals. The Northern Trust Open provides a premiere event for clients, improves brand awareness, and helps the community by generating substantial charitable donations and economic activity.”

Waddell further explained why the company renewed the deal in this interview with CNBC's Darren Rovell at TPC Sawgrass this past weekend.