Google+ Followers

Friday, 15 May 2009

Economic crisis casts cloud over Race to Dubai

A £100million sponsorship plan for The Race to Dubai was thrown into doubt last night with the government takeover of the Middle East firm behind the ambitious five-year deal.

No expense was spared two years ago when The Race was launched in a seven-star hotel in Dubai as part of the $150million five-year sponsorship deal for the European Tour. All may not now be as it seemed, however, with the restructuring as there are concerns about the financial security of Leisurecorp, now that is has been restructured, and its chief executive has been ousted.

Leisurecorp specialises in developments and investments in the sports and leisure sector. In November 2007, it announced it was putting up $10million (now about £6.6million) annually for the European Tour Order of Merit to be renamed The Race to Dubai, and also said that it would sponsor the Dubai World Championship, the world's richest tournament, at a cost of $20million annually.

Reblog this post [with Zemanta]