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Tuesday June 2, 2009

Lexus Cup another victim of global recession

SINGAPORE: The global economic crisis has claimed another victim with the LPGA-sanctioned Lexus Cup cancelled this year after the luxury car manufacturer said yesterday they were not renewing their sponsorship.

The Ryder Cup-style tournament, which pits an international team against a team from Asia, had been backed by Lexus, a unit of Toyota Motor Corp, since 2005.

But they have decided against continuing this year, citing the global recession.

“For 2009, we have decided not to go ahead,” said Lexus Asia deputy general manager Giri Venkatesh.

“Basically, it is because of the current economic situation which has forced us to cut back on sponsorships from an Asian perspective.”

While the tournament, which was won last year by the international team on what was Annika Sorenstam’s last appearance on the LPGA Tour before retiring will not take place this year, it could return in 2010.

“We will consider later this year what we want to do in 2010,” said Venkatesh of a popular event that has been played in Singapore and Australia.

The decision follows Toyota, the world’s top automaker, last month announcing a US$4.4bil annual loss, their first ever, and warning that it could plunge deeper into the red as car sales collapse.

The LPGA already have four fewer tournaments this season than last year as they struggle to keep sponsors amid the economic downturn. — AFP

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