Last checked at 3 Jul 2007 07:00
3 July 2007 Parallel Media Group Plc ('PMG' )
Parallel Media Group signs global whisky brand Ballantine's as Title Sponsor for new European Tour-sanctioned event in Korea
* Three year agreement with Ballantine's to sponsor the Ballantine's
Championship, a new tournament on the European Tour's International
Schedule taking place in Korea
* Ballantine's Championship commences 13 March 2008 and carries a prize money
purse of ¢â€š¬2 million
AIM quoted Parallel Media Group plc , the sports marketing, media and management company, today announces a new tournament on the European Tour International Schedule and signs Ballantine's - the scotch whisky business of Pernod Ricard - to become Title Sponsor of the "Ballantine's Championship" for an initial three year period commencing in 2008. As the promoter, PMG will receive a fee against tournament staging costs and have the right to source secondary sponsors for the event.
The agreement will see Ballantine's become the Title Sponsor of the richest professional golf tournament to be staged in Korea. The venue of the tournament is the Pinx Club, located on the popular resort island of Jeju, which attracts 4 million visitors annually.
The European Tour-sanctioned event will be staged between 13 and 16 March 2008 and will carry a prize money purse of ¢â€š¬2 million. The event will be televised by SBS in Korea and distributed internationally by European Tour Productions.
PMG has had a 20 year working relationship with the European Tour and was responsible for launching the first professional golf tournament in China in 1995, the World Cup of Golf. PMG current European Tour-promoted events include the UBS Hong Kong Open, the TCL Classic, the Kazakhstan Open, and the Omega Mission Hills World Cup of Golf (of which PMG is the Commercial Partner with Mission Hills).
Commenting today on the agreement, David Ciclitira, Chairman of PMG, stated "This agreement with Ballantine's and the European Tour is a major development for Korean golf and for our activities in the region. It further establishes PMG as one of the top specialist companies in Asian sport and will provide significant further revenue streams for the Company in the year ending 31 December 2008 and beyond"
Christian Porta, Chairman and CEO of Chivas Brothers which owns Ballantine's, said: "We are delighted to have signed this agreement with Parallel Media Group. The European Tour brings a global stage to this tournament, for Ballantine's and for Korean golf. It is our privilege to help bring what will be Asia's 3rd biggest golf tournament to Korea which is already world famous for its golfers and its love of golf."
George O'Grady, Executive Director of The European Tour said, "We are delighted to welcome Ballantine's into our family of global sponsors and congratulate them, in addition to The Korea PGA and Parallel Media Group, for their foresight, support and vision."
For further information:
Frances Quigley / Martin Capstick Jos Simson/Leesa Peters
Parallel Media Group Conduit PR Ltd
+44 20 7225 2000 +44 (0) 207 429 6603
f.quigley@parallelmediagroup.com +44 (0)7899 870 450
m.capstick@parallelmediagroup.com jos@conduitpr.com
Nominated AdvisorCity Financial AssociatesRoss Andrews, Director+44 20 7090 7802ra@cityfin.co.ukADDITIONAL INFORMATION
Parallel Media Group plc is a leading sports marketing, media and event management company
Founded in 1987 by its Chairman David Ciclitira and listed on the London Stock Exchange's AIM since 2001. Parallel Media Group specialises in executive sports, focusing on golf. Parallel Media Group aims to provide its clients with world class professional service, combining local market knowledge with international business expertise to deliver a new vision for sport.
The company was at the forefront of introducing the PGA European Tour into emerging markets, establishing the World Cup of Golf in China in 1995.
PMG current European Tour-promoted events include the UBS Hong Kong Open, the TCL Classic, the Kazakhstan Open, and the Omega Mission Hills World Cup of Golf (of which PMG is the Commercial Partner with Mission Hills).
PMG acts as commercial advisor to the Ladies European Tour, the Tour de las Americas, and is worldwide strategic golf consultant to Omega.
PARALLEL MEDIA GROUP PLC