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 this year's 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.
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Charles Schwab is already a major sponsor on the PGA Tour. On the PGA Tour Champions, for players over 50, the Charles Schwab Cup is awarded to the season's top player.
"We are honored to support one of the country's premier and longest-running PGA Tour events that is a showcase for the game's best players and is a Tour leader in charitable giving," said Jonathan Craig, senior executive vice president for the Charles Schwab Corp. "Schwab has a long history of investing in the communities in which we live and serve our clients and with our growing presence in, and commitment to the state of Texas, we could not be more delighted to support the tradition of this tournament."
Next month's tournament at Colonial, which has hosted since 1946, will be played as the Fort Worth Invitational. The event runs May 24-27.
The new sponsorship was announced on the same day that 2017 winner Kevin Kisner's name was unveiled on the Wall of Champions near the first tee at Colonial.
The new tournament name and logo will be announced at a later date, along with the dates for the 2019 Colonial.
"Considering Charles Schwab's longstanding marketing relationship with the PGA TOUR and its impact as a sponsor on PGA TOUR Champions, we know it will be an equally fruitful relationship here at Colonial Country Club," said Andy Pazder, chief tournament and competitions officer for the PGA Tour.