This from a story by The Associated Press:
Tiger Woods landed a new title sponsor for his holiday tournament in Thousand Oaks, signing a five-year deal Thursday with Chevron with designs of raising money and
developing programs to support Woods education-based foundation.
The Chevron World Challenge will be held Dec. 18-21 at Sherwood Country Club, featuring a world-class field of 16 players competing for a $5.75 million purse. Woods, the tournament host, is the defending champion.
Chevron replaces Target as the title sponsor.
The San Ramon-based energy company also will become one of five founding partners of the AT&T
National, a regular-season PGA Tour event that Woods started last year at Congressional
Country Club outside Washington.
The deal comes at a time when the economy is struggling and the PGA Tour is searching for
title sponsors for regular-season events in Tampa, Fla., and Atlanta. Given the size of the
purse, Chevrons investment is believed to be similar to what companies pay to
be a title sponsor of a regular PGA Tour event.
We are delighted that Chevron< has agreed to partner with the foundation, Woods
said in a statement. Chevron has a track record and a commitment to bettering
the communities where they operate. We are excited about working with them to codevelop
programs that will further the efforts of the Tiger Woods Foundation.
Proceeds from the December tournament go to the foundation, which includes the Tiger Woods
Learning Center in Anaheim and another education center to be built near the nations
Chevron said it also would help expand Woods youth programs in California and
select locations around the world.