Paint manufacturer Valspar has agreed a three-year extension to its title sponsorship of the PGA Tour golf tournament held in Palm Harbor, Florida.
The company has agreed to sponsor each edition of the Valspar Championship, which is held annually at the Innisbrook Resort and Golf Club, until 2020. Valspar’s previous deal with host organisation Copperhead Charities was due to expire after next year’s event.
Under the new agreement, Valspar, which first teamed up with the tournament in 2014, will also continue to serve as the official paint supplier of the PGA Tour and the PGA Tour Champions.
“Since becoming the title sponsor in 2014, Valspar has been instrumental in the tournament’s significant growth, including areas of corporate sales and charitable giving,” PGA Tour deputy commissioner Jay Monahan said. “Valspar has also proven to be extremely creative in the way it has incorporated its brand and products into the Valspar Championship and playing up the theme of having the Tour’s ‘most colourful tournament’.”
The tournament has had a number of title sponsors in the past, including Buick, Chrysler, PODS and Transitions. Valspar is the first title sponsor to renew its partnership with the event and its original deal was reportedly worth around $7m (€6.35m) per year. The company also sponsors the Tour’s Caddie Hat Programme, which sees around 160 caddies wear Valspar-branded headwear during tournaments.
This year’s Valspar Championship gets underway today (Thursday). World No.1 Jordan Spieth is the reigning champion.