Farmers Insurance to Drop Sponsorship of PGA Tour Event
Farmers Insurance is not expected to renew its contract as the title sponsor of the PGA Tour event at Torrey Pines, according to the Sports Business Journal.
The company signed a seven-year extension prior to the 2018 tournament and will not renew the contract when it expires in 2026.
The PGA Tour is currently asking for between $13 -$15 million per year from title sponsors.
Farmers is the second major tournament sponsor to withdraw from the PGA Tour in the least three months following Wells Fargo’s decision in November.
According to SBJ, Farmers has also dropped its endorsement of Rickie Fowler.
The SBJ story did not have any comment from the PGA Tour or Farmers.