THE CANADIAN PRESS
MONTREAL — After nearly 18 months without a title sponsor, the Canadian Open appears closer to finding its benefactor.
Sources familiar with discussions told The Canadian Press that LG Electronics is "seriously" considering taking over title sponsorship of the golf tournament.
The South Korea-based company has sent senior officials to the Presidents Cup to meet with the Royal Canadian Golf Association.
Scott Simmons, the RCGA’s executive director, acknowledged Tuesday that the RCGA has been talking with LG, but said the two are expected to get down to negotiations for real this week in Montreal.
The Canadian Open is the third oldest national golf championship in the world and is desperate for an infusion of sponsorship money. The RCGA estimates it lost more than $2.5 million on this summer’s event alone.
When Simmons was named the RCGA’s executive director in July, he called finding a title sponsor "priority No. 1."
"I don’t think we can go much longer without a title sponsor or at least another formula to inject more revenue into the event," he said at the time.
The sports agency IMG helped bring LG into discussions with the RCGA. That company was brought in to assist with the sponsorship search shortly after Bell Canada decided to give up title sponsorship in April 2006 after 12 years of putting its stamp on the event.
It’s a key week in solidifying a sponsor. In addition to the high-level talks with LG, the RCGA will also be meeting other companies that could potentially form a consortium of sponsors for the event.
The association has been targeting the Presidents Cup as a key time to make progress on a deal.
"This was always our plan," Simmons said in an interview Tuesday. "We knew this was the next huge milestone for us …
"Hopefully we’ll have some news after the Presidents Cup." .
Time is of the essence. The PGA Tour solidifies its calendar at the end of October and any company involved with the event would want its name on it by that time. Next year’s Canadian Open will be held at Glen Abbey Golf Club in suburban Toronto.