FBR Set to Extend Sponsorship of PGA Tour Event
Friedman, Billings, Ramsey Group is expected to announce later today that it has agreed to a four-year extension of its namesake sponsorship of one of the richest and best-attended golf events on the PGA Tour, according to sources close to the deal.
The FBR Open in Phoenix has been sponsored by the Arlington investment bank since 2003. The new agreement extends FBR's sponsorship through 2012, said the sources, who spoke on condition of anonymity because they were not authorized to speak ahead of the official announcement.
FBR pays the Thunderbirds, an Arizona-based civic organization that runs the tournament, to be the title sponsor, which includes extensive corporate entertaining, television advertising and co-branding.
The firm has used the event as a networking vehicle. It entertains current and prospective clients by bringing in sports figures and celebrities to speak, golf and mingle with business leaders. Past speakers have included former President George H.W. Bush.
The FBR Open -- formerly known as the Phoenix Open -- is one of the oldest events on the PGA Tour and begins in late January. It usually concludes on the same day as Super Bowl Sunday.
The golf tournament has raised more than $25 million since for charities since FBR became sponsor. It will be held at the TPC Scottsdale next Jan. 28 through Feb. 3.
-- Thomas Heath
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