HSBC bank announced yesterday it was withdrawing as title sponsor of the New Zealand PGA Championship at Clearwater in Christchurch, and the tournament will also lose its status on the Nationwide Tour.
The PGA was part of a three-tournament swing of the Nationwide Tour which started with the Moonah Classic in Victoria, and ended with the New Zealand Open.
New Zealand Golf chief executive Bill MacGowan said it was disappointing to hear of the loss of sponsorship of the PGA but it had "no impact at all" on the New Zealand Open.
The agreement with the Nationwide Tour was they had to have at least two tournaments in Australia and New Zealand.
So MacGowan said with the Moonah Classic and the New Zealand Open locked in, players from the Nationwide Tour would continue to attend.
MacGowan had a meeting next week to discuss dates for next year's Open.
The Open was played in mid-March this year but may move to an earlier date next year.
NZPGA chief executive Duncan Simpson said it was disappointing to lose the sponsorship of HSBC and the tournament was likely to be scaled down.
"We have been caught up in the worldwide situation of the economy, particularly with banks," Simpson said.
"I'm pretty sure there will be a PGA event of some sort, but it won't be part of the Nationwide Tour, which is a shame."
This year's PGA had prizemoney of more than $NZ1 million ($US600,000) but Simpson said next year it was more likely to have a prize pool of between $NZ100,000 and $200,000, and be played at Clearwater.
"But that really depends on negotiation and what other sponsors are out there."
Simpson, who was formerly the chief executive of the Otago-Southland Employers Association, has just started his new job, and said it was not a great way to start his new position.
Bob Tuohy, who helped organise the New Zealand Open and the PGA, said the withdrawal of the bank's sponsorship did not come as a big shock, as the bank was moving in a different direction.
He was 99.9% sure the PGA would continue next year but what form the tournament would take was unclear.
"It's most likely to not be at the level that it has been. We could be talking about a $10,000 event, a $100,000 event. We really don't know yet," Tuohy said.
He admitted it would be difficult to find a sponsor to match the commitment of HSBC Bank, but said it was all systems go for the New Zealand Open at the Hills, near Arrowtown.
