Bank of Ireland ends Harrington backing 25/02/2010 |
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Bank of Ireland will not renew its sponsorship deal with Padraig Harrington when its contract with the golfer expires in May.
The company agreed a three-year deal with the Irishman in May 2007 and during that time he won three majors, including back-to-back Open Championships.
But with the economic downturn and the fact that the bank is now 15.7 per cent owned by Irish taxpayers, it has decided not to extend the agreement.
Tom Hayes, chief executive of Bank of Ireland corporate banking, said: “Our decision to sponsor Padraig announced just before the Irish Open in May 2007 has reaped fantastic benefits for our brand.
“While we were confident that we were partnering with a great golfing talent, he surpassed all our expectations by becoming the first home winner of the Irish Open in 25 years, following which he then went on to win three historic major titles.
“Padraig has been a wonderful ambassador for the bank both on and off the course and we have no doubt that he will go on to enjoy even greater success in the years ahead. We are exceptionally proud of our association with him and we wish him continued success in his future career.”
Harrington is reported to have earned at least 400,000 Euros a year, plus bonuses, from the deal. In return, he wore the Band of Ireland logo on his shirt and did three corporate outings a year – one each in Ireland, the UK and the United States.
“I have thoroughly enjoyed working with the Bank of Ireland team, its customers and the many staff who have supported me over the last three years,” said Harrington, who still has deals with FTI, Wilson Staff, Titleist, Footjoy, Oceanico, Citizen Eco-Drive, GoS Networks, Marquis Jet, the Marlbrook and White Oak Plantation.
“I am very pleased that I was able to represent a prominent Irish brand on the global stage during a very successful period in my career. I would like to thank the bank for its support over the period and wish them well for the future.”
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