WESTLAKE (1080 KRLD) - The Colonial's PGA Tour tournament's title sponsor is sticking around for a while.
When Charles Schwab signed on to be the title sponsor of what is now known as the Charles Schwab Challenge, the deal was to have run through 2022.
Now, Charles Schwab has extended that partnership by four years, to 2026.
Mason Reed with Charles Schwab says when The Colonial suddenly needed a new title sponsor for its PGA Tour tournament in 2018, it presented the perfect opportunity for the company.
"We've done just about everything in golf from a marketing standpoint," says Reed, "except be a title sponsor of a PGA Tour event."
It came at a most opportune time for the company, which was in the process of moving its corporate headquarters from San Francisco to Westlake.
"We were continuing to accelerate our presence in Texas, where we've been for decades, but we were in the process of building our new campus in Westlake at that time," says Reed.
The tournament's previous title sponsor, upscale grocer Dean & DeLuca, ended its six-year deal after two years after it ran into financial trouble, putting The Colonial's tournament's future into serious jeopardy.
Several local companies joined forces to put on the 2018 tournament, which was known that year as the Fort Worth Invitational.
Just prior to the start of that year's tournament, The Colonial announced that the financial services giant had signed on as the new title sponsor, with the tournament's name changing in 2019 to the Charles Schwab Challenge.
"We learned very early on how important this tournament is to the community," Reed says, "here in Fort Worth specifically and more broadly into the Metroplex."
So far, the partnership has worked out well for both The Colonial and for Charles Schwab.
"We all benefit from this in different ways," says Reed; "and if we didn't, We wouldn't be extending it by several years."
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