Cognizant close to signing deal as new title sponsor for former Honda Classic
The Palm Beach County golf tournament formerly known as the Honda Classic is on the verge of securing a new title sponsor.
Cognizant, an information technology services and consulting company, is in deep discussions with the PGA Tour to become the title sponsor for the event currently known as The Classic in The Palm Beaches, the Palm Beach Post confirmed. Golfweek first reported the story.
A new sponsor would secure the long-term future of the tournament, according to the PGA Tour. The tournament has drawn top-ranked players like Tiger Woods, Brooks Koepka and Rory McIlroy and attracts massive crowds. It has been played at PGA National Resort in Palm Beach Gardens since 2007.
Cognizant, headquartered in Teaneck, New Jersey, is a global partner of the Presidents Cup and a title partner of the LPGA Tour’s Founders Cup. The company has 66 office and retail locations throughout the U.S. Its only office in Florida is in Tampa.
A multi-year deal is close to being finalized and will include a discount for the first year, according to Golfweek. Local officials said they will not comment until a contract is signed.
Additionally, the PGA Tour's Championship Management division will be taking over control of the event, which has been run by IMG since 2013. The contracts of the host organization and title sponsor typically run hand in hand, so the timing was right for the Tour's management division to assume operations of the tournament.
"For fans and the community, the long-term future of The Classic in The Palm Beaches — one of the premier sports and entertainment events in the region — is secure," the PGA Tour said in a statement to The Palm Beach Post.
"The PGA Tour is in the final stages of securing a title sponsor and transitioning operators, where the longstanding commitment to charitable giving — working closely with Children’s Health Care Charity, Inc., will remain a pillar of the event," the statement continued. "We look forward to presenting the best version of the PGA Tour’s South Florida event in 2024."
The Tour's Championship Management division manages a number of Tour events including the Players Championship at TPC Sawgrass, the Presidents Cup and the Tour Championship.
As for the former Honda Classic, no major changes other than the title sponsor are expected. The event, scheduled for Feb. 29-March 3, will remain at PGA National and the Nicklaus Children's Health Care Foundation will remain the primary charitable beneficiary, which it has been since 2007.
“This event has been a staple in South Florida for 50 years, including the last 20 years in Palm Beach County, where it has made an incredible impact on local charities," Jack and Barbara Nicklaus said in a statement to the Post.
"We are happy to hear that there will be a continued commitment to helping countless important causes, including our Nicklaus Children’s Health Care Foundation.”
Through the tournament, a record $7.2 million was distributed to more than 100 South Florida philanthropic organizations in 2023. Charitable contributions during American Honda's 42 years as title sponsor are close to $70 million.
American Honda was the longest-running uninterrupted title sponsorship deal on the PGA Tour. According to Golfweek, Honda was willing to pay $13 million per year to renew as title sponsor but backed off when the Tour sought $15 million.
More: Honda Classic needs help from PGA Tour - + Tiger, Rory, JT - to restore great fields | D'Angelo
Lack of top 10 players has hurt the tournament in recent years
The tournament's field has suffered in recent years mainly because of its spot in the schedule. The Tour made some adjustments leading up to the 2024 event in hopes of attracting a stronger field. The 2023 tournament included four of the top 30 golfers in the Official World Golf Ranking, fewest in at least a decade. None in the Top 10 entered for the third consecutive year. From 2013 to 2018, Honda averaged four of the Top 10.
Still, the event is thriving in other ways, with record charitable donations and attendance remaining strong. The tournament saw the biggest buildout in tournament history in 2023 with more than 300,000 square feet of hospitality suites, public seating and food venues.
"The tournament's going to be just fine," Jack Nicklaus said after the 2023 event. "Look at how this town has supported this event without having a great field. They stayed with it, supported it. I think they've done great.
"Are we a major market? No. And we handle it charity-wise like a major market and the tour considers us very important."
This article originally appeared on Palm Beach Post: Cognizant expected to become new title sponsor for Honda Classic
