With sponsor agreements ending, pro tour scrambling to find backers - Business First of Louisville:

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The tour relies heavily on banks and other financial services companies to bankroll many of its tournamentsthrougb seven-figure title and presenting sponsorships, including ’s presenting partne deal with the Memorial. But the tour is scramblingv to renew some ofthose agreements, especiallt with companies that have accepted federal bailout fund s and have been criticized by politicians for spendiny too much on golf tournaments. The issu came to a head in February when 18 Democratd inthe U.S. House demandex that , which had received $1.
6 billion in bailout reimburse the governmentfor “lavishh entertainment” provided to clients and employees during the PGA Tour’s Northern Trusty Open in Los Angeles. Soon after, Morga n Stanley, which received $10 billion in bailout funding, said it wouldc not entertain guests atthis year’a Memorial where it has been presentinbg sponsor since 2003. Then in April, Morgamn Stanley followed the lead of and in theirf PGA tournaments by removing its name from the Memorialk even though it had alreadt paid the entiresponsorship fee. Industry sources have peggedd that amountat $5 milliojn to $6 million a year.