AP Sources: Woods to get new sponsor for PGA event
Feb. 27, 2014
PALM BEACH GARDENS, Florida (AP) — The U.S. PGA Tour is closing on a deal for Detroit-based Quicken Loans to become the 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 from June 26-29. They spoke on condition of anonymity because the deal was not completed and has not been announced.
Dan Gilbert, who owns the Cleveland Cavaliers, is the chairman and founder Quicken Loans, the nation's largest online home lender. The company closed $70 billion of volume across 50 states in 2012.
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.