The global economic crisis has claimed another victim with the LPGA-sanctioned Lexus Cup canceled this year after the luxury car manufacturer said yesterday it was not renewing its 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 it has decided against continuing this year, citing the global recession.
“For 2009, we have decided not to go ahead,” Lexus Asia deputy general manager Giri Venkatesh said.
“Basically, it is because of the current economic situation which has forced us to cut back on sponsorships from an Asian perspective,” he said.
While the tournament, which was won last year by the international team on what was Annika Sorenstam’s last appearance on the LPGA before retiring will not take place this year, it could return next year.
“We will consider later this year what we want to do in 2010,” said Venkatesh of a popular event.
The LPGA may lose another Asia-based event with HSBC yet to decide whether to continue its association with the Women’s Champions tournament after its contract ended last year.
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