Financial services company Aberdeen Asset Management has extended a deal to serve as the title sponsor of the Scottish Open golf tournament on the European Tour.
The new deal will run for three years, from 2018 to 2020.
The agreement was announced at the same time as an extended commitment from the Scottish government through to 2020 was confirmed. The government will continue to provide £1m (€1.3m/$1.6m) per year to support the tournament, with First Minister Alex Salmond saying that the event was worth about £6m for the Scottish economy in 2014.
Financial details of Aberdeen Asset Management’s deal were not revealed, but the tournament’s prize fund will rise from £3m in 2014 to a minimum of £4m in 2018, with the figures for 2019 and 2020 set to be confirmed at a later date.
“Much like our approach to investment, our commitment to the Aberdeen Asset Management Scottish Open is for the long term,” Aberdeen Asset Management chief executive Martin Gilbert said. “As a global company still headquartered in Aberdeen, Scotland, we are proud to now be involved with this superb Scottish event until 2020.
“The tournament continues to grow in stature as more players travel to Scotland to play a links course the week before the Open Championship and the sponsorship continues to deliver excellent global brand awareness for us especially through the television coverage in the US, a key market for us.”