Pro Tour Sponsor Deathwatch

News today that Morgan Stanley will stay on as the sponsor of Jack Nicklaus' Memorial Tournament, but that they will not be sending clients or executives because of the "environment." By this we assume they mean the economic climate and not climate change.

Late last month the Ginn Company, who at their peak, sponsored tournaments on all three tours, abruptly pulled the plug on all sponsorships. Their withdraw was so swift that PGA Tour spokesman Ty Votaw learned about the decision through a press release.

The "jokes" flying around our office today are about how Tour events should be sponsored by TARP. One thing is certain, every Tour will feel the effect of the downturn, especially once sponsorship contracts expire.

Will winners still pocket $1 million plus checks? Which tournaments won't, um, make the cut? What are your thoughts?

*Update, 3:33pm PST. This just in from Tom Petruno at the LA Times Money & Co. blog about the fallout after Northern Trust wined and dined clients last weekend. The article quotes Bloomberg News:

Wells Fargo & Co., recipient of $25 billion in government aid, is cutting spending on the Wachovia Championship golf tournament that starts in April amid criticism from U.S. lawmakers about banks' corporate expenses.

Wells Fargo, which acquired Wachovia Corp. in December, has a sponsorship contract with the PGA Tour through 2014, spokeswoman Mary Beth Navarro said in an e-mailed statement. The company is reducing costs, including some related to client entertainment, and hasn't determined the specifics, she said.

"This event helps us drive significant revenue for our businesses by building client relationships, but we are carefully evaluating all of our expenses given the economic environment," Navarro said. "We plan to reduce expenses as much as possible, while meeting our contract obligations."

Northern Trust, which received $1.6 billion in funding through the U.S. Troubled Asset Relief Program, was criticized by lawmakers yesterday for spending on clients and employees at a company-sponsored golf tournament this month.

U.S. Bancorp spokesman Steve Dale said that the Minneapolis-based bank is not renewing its sponsorship of a PGA tournament after this year. The final U.S. Bank Championship in Milwaukee will be held from July 13 through July 19, and the company will reduce "hospitality and entertainment aspects of the event," Dale said today in an interview.