The Ladies Professional Golf Association has named Bank of Hope, the largest Korean-American bank in the US, as the new title sponsor of its Founders Cup event.
Bank of Hope has teamed up with Korean media company JTBC, the current title sponsor, to take on naming rights to the event under a three-year deal. JTBC will continue to back the tournament.
As part of the deal, the event will officially be known as the Bank of Hope Founders Cup for its 2017 to 2019 editions.
The 2017 Founders Cup will be held at Wildfire Golf Club at JW Marriott Desert Ridge Resort & Spa in Phoenix, Arizona from March 14-19. It will feature a $1.5m (€1.4m) prize fund.
Sei Young Kim (pictured) of Korea is the defending Founders Cup champion, having carded a score of 27-under-par to win this year's tournament. Her performance equalled the record for the lowest 72-hole score at an LPGA event.