Farmers Insurance will no longer sponsor the PGA Tour event at Torrey Pines in San Diego when its contract runs out in 2026, Sports Business Journal reported Thursday.
The company has been the title sponsor since 2010 but seems to be pulling out of the golf business. Last week, Rickie Fowler told Golfweek that his sponsorship contract with Farmers had expired and he was told it would not be renewed.
The tournament started in 1952 as the San Diego Open, and entertainer Andy Williams was the celebrity host from 1968 to 1988. A variety of companies, including Shearson Lehman and Buick, were title sponsors before Farmers Insurance took over. Tiger Woods is a seven-time champion of the event.
Golfweek reported that title sponsors pay between $13 million to $15 million per year.
Farmers follows Wells Fargo in pulling out as a title sponsor. Wells Fargo is not re-signing its agreement to sponsor the event at Quail Hollow Club in Charlotte, N.C., because of an increased fee, per Sports Business Journal.
The $9 million Farmers Insurance Open is scheduled for Jan. 24-27. Max Homa is the defending champion.