Five years after announcing a 10-year deal to sponsor the World Match Play Championship at Wentworth, banking giants HSBC today announced that this October's event will be their last.
The company created the biggest first prize in the sport - £1million - when they took over in 2003, but have decided to switch their main focus after this year to the Champions tournament in China.
Giles Morgan, head of global sports marketing and sponsorship for HSBC, said: "It's been a very difficult decision. We've had five great years, but have decided as a business it's time to move on.
"We are going to leave on a high this year. We want to make it the best ever and go out with a bang. It's a brilliant event and I think we have helped to rebuild it."
When HSBC stepped in they not only increased the first prize from £250,000 to £1million, but also introduced a qualifying system based on performances in the majors.
The event has been run since its inception by the International Management Group and they are now looking for a new sponsor, of course.
Guy Kinnings, managing director of golf in Europe and Australia, stated: "HSBC have been a excellent partner to the World Match Play Championship and have been integral in developing the qualification system and working with the European Tour to turn it into an Official World ranking event.
"We are looking forward to delivering another great Championship in 2007 with HSBC and will then look to work with a new partner to deliver the 45th event and beyond."
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