PGA Tour gets sponsored by $9.87 billion-worth software construction giant for The Fortinet Championship
The PGA Tour event, formerly known as the Fortinet Championship, now has a new title sponsor. Fortinet will be replaced by technology giant Procore, which has a net worth of $9.87 billion.
Cybersecurity company Fortinet withdrew its name from the event two weeks ago due to financial problems. According to Sports Business, Procore's investment in the event would be between $11 million and $13 million annually.
Procore Technologies is a global leader in the production of specialized software for the construction industry. The company is valued at $9.87 billion according to Stock Analysis and is headquartered in Carpinteria, California.
Fortinet has been the title sponsor of the PGA Tour event in Napa Valley since 2021. During that time, the event's purse increased from $7 million to $8.4 million.
The Sports Business Journal report also indicates that the PGA Tour is still working to secure other sponsors. Financial firm Truist is said to be taking over the event formerly known as the Wells Fargo Championship, while RBC is evaluating its sponsorship of the Heritage and Canadian Open with the tour.
Procore is not the only tech giant to join the PGA Tour in 2024. Recently, Cognizant Technology Solutions Corporation became the title sponsor of the West Palm Beach Classic, now known as the Cognizant Classic.
A look at the sponsorship history of the PGA Tour's Napa Valley event
The event, now officially called the Procore Championship, debuted in 2007 and was sponsored by electronics industry partner Frys. That sponsor ran the event through the 2015 edition.
While Frys worked with the PGA Tour on the event, the purse increased from $5 million in the inaugural edition to $6 million in 2015.
2016 onwards, the event was sponsored by the Safeway supermarket chain. This sponsorship was extended for five seasons, and the purse increased from $6 million in the inaugural season to $6.6 million in 2020.
Starting in 2021, Fortinet Inc. took over as title sponsor. This relationship lasted three seasons.
The tournament opened at Grayhawk Golf Club in Scottsdale, Arizona, where it was played for only three editions. In 2010, the event moved to California to be played at CordeValle Golf Club in San Martin.
Since 2015, the event has been held each September at Silverado Country Club in Napa Valley, California. This venue has a history with the PGA Tour, having hosted an event between 1968 and 1980.
Players who have won the event title include major champions Mike Weir, Jimmy Walker, and Stewart Cink. Players such as Rocco Mediate and Max Homa have also won the title.
Homa is one of the two multiple winners of the event (2 editions). The other is Brendan Steele, who also won twice. Coincidentally, both of their victories came in consecutive editions.