Global recession rips $10m from tennis 19/05/2009 |
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THE financial crisis has cost the Australian Open nearly $10 million in vital sponsorship after Garnier decided to abandon its deal with the grand slam tennis event.
As the sponsorship market continues to tighten locally and internationally, Garnier, part of the L'Oreal Group, yesterday became the second major backer to pull out.
The tournament's other associate sponsor, GE Money, recently decided against extending its three-year arrangement. It announced in October that it was cutting 335 jobs, including 135 in Melbourne.
A statement from Garnier said the beauty products company had recently advised Tennis Australia of its decision not to continue as a sponsor in 2010.
"Garnier has enjoyed its partnership with the tournament and has had five very successful years of involvement," the statement said.
The Open's much smaller arrangement with MasterCard is also over, while a multi-faceted deal with Optus that extends to Australian national teams is under review.
An Optus spokesman said: "We have a long-standing relationship with Tennis Australia and we are still operating under our current contract, which concludes late 2009. We are in discussions and will provide more information following completion of the process."
Tennis Australia declined to comment. The deals with Garnier, MasterCard and GE Money were among five up for renewal this year.
The Australian Open's 2009 sponsorship portfolio was worth an estimated $35 million. It has been headed since 2001 by Korean car manufacturer Kia, which remains committed until at least 2013. Lacoste and Rolex both signed lucrative multi-year contracts last year.
(Source: Theage.com.au)
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