PALM BEACH GARDENS, Fla. (AP) — The PGA Tour is closing on a deal for Detroit-based Quicken Loans to become title sponsor of Tiger Woods' tournament at Congressional, The Associated Press has learned.
Two people who have been told about the deal said Quicken Loans could begin its sponsorship before the next tournament, to be played June 26-29. They spoke on condition of anonymity because the deal is not completed and has not been announced.
Dan Gilbert, who owns the Cleveland Cavaliers, is the chairman and founder Quicken Loans.
It would be a big boost to the Tiger Woods Foundation, which receives the net proceeds from the event currently called the AT&T National. The foundation has created seven Tiger Woods Learning Centers, three of them in the Washington, D.C., area.
AT&T, in the final year of its contract, was not planning to renew the sponsorship. The Dallas-based company announced two years ago that it would sponsor the Byron Nelson Championship starting in 2015. AT&T already is under contract through 2024 as the title sponsor of the Pebble Beach National Pro-Am on the PGA Tour. It also sponsors a Champions Tour event in San Antonio.
Greg McLaughlin announced Tuesday that he is leaving after 14 years as president and CEO of the Tiger Woods Foundation. McLaughlin was the tournament director of the AT&T National and did well to keep AT&T on as title sponsor through 2014 after the upheaval in Woods' personal life.
Woods had a personal endorsement deal with AT&T — the logo was on his golf bag — for nine months until the telecommunications giant cut him loose in December 2009.