After nine years of patronage, the Royal Bank of Scotland Group will no longer sponsor the British Open.
The Royal Bank of Scotland announced Friday that it will no longer sponsor The Open Championship after nine years of patronage.
RBS has been under pressure to slash spending after taking a £28 billion ($43.5 billion) bailout from the British government.
The official agreement was thought to be worth £1.5 million ($2.33 million) per year.
It’s been a tide of change for RBS in recent marketing efforts. After ending deals with golfers Luke Donald, Paula Creamer and the PGA of America last year, the megabank also will cease its Formula 1 racing sponsorship at the end of the sport’s season.
United Kingdom’s Telegraph speculates the company is distancing itself from deals made by former chief executive Fred Goodwin, an avid golf fan.
RBS brand ambassador Jack Nicklaus will continue in his role, the company announced.
Peter Dawson, chief executive of the R&A, told the Telegraph that there is “strong interest’’ in its “patrons’ program’’ to sponsor The Open.
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