Barry Hearn has secured BGC Partners, a major money brokerage firm, as the new sponsor for the Masters, which gets underway at Alexandra Palace in London on Sunday.
Hearn was visibly buzzing when he imparted this news to the players at the Championship League at Crondon Park this week after doing the deal himself.
A company from the financial sector backing a major tournament in the UK marks a move away from recent reliance on the betting industry, which has been the main source of sponsorship income for the sport in recent times.
The bookies’ money is as welcome as anyone’s, not least because it is a vote of confidence in the integrity of snooker after several high profile match fix stories.
But by branching out into a different sector, it will hopefully prove snooker can appeal to a far wider range of industries.
Hearn and his team seem to have no problem obtaining sponsors. The challenge is to keep them beyond their initial year.
Hopefully BGC will see the benefits of their association with one of snooker’s oldest and most prestigious events.
It’s a new sponsor, new home and new start for the Masters...let’s hope the players put on a show worthy of snooker’s new era.
18 comments:
IMHO this is Barry's biggest achievement since taking over. Let us remember that at the start of 2010 World Snooker had 2 sponsors:
- Pukka Pies
- Betfred (a last minute deal - and Fred Done had to ring up World Snooker and ask if he could sponsor the event!)
Even 2 years ago it was unthinkable that an organisation like BCG would sponsor a snooker tournament. Whatever your opinions on the morality of the financial services sector they are a potentially huge source of revenue for the game.
I understand that one of the main reasons the PDC darts moved to Alexandra Palace was the ability to offer corporate hospitality. Hopefully BCG is just the first of many corporates that Barry has links with?
Reminiscent of the late 1980s when Fidelity, Mercantile and MIM were all sponsoring ranking events.
Great with all these new sponsors, but one wonders why they always have to wait until the last minute to sign the deals?
If the deal had been signed, say, three months ago, there would have been three further months of "BGC MASTERS" promoting, with the sponsor's name on tickets, programmes, websites and so on.
So it would be more lucrative for a sponsor to step in at an early stage. I wonder why they don't?
I suppose it's good for the game, but "money brokerage" just sounds like a more upmarket kind of gambling.
Sparky, you make a very valid point about the loss of advertising in the run-up. They left it late because they (BGC) very probably got it for a pittance in the end by keeping Hearn dangling on a string until he cut his asking price. 8 days of major BBC TV publicity? Priceless!!!!
However, it's better than not having a sponsor I suppose.
BGC used to sponsor Paul Hunter. Not many people know that!
well said sparky. wondered that myself.
i imagine its a rollercoaster of plugging holes from the former regime and its slowly building up and hopefully some will gain from it enough to coninue and hopefully sign up for longer.
barrys not my favourite bar of chocolate, but at least hes not a pale of sick.
Hearn had one meeting with them after which they agreed to sponsor the tournament (for decent money)
well said dave
1117 guessing wrongly
better to say youre guessing than to guess and be put in your place by daveyboy.
How much did he get for it then?
Ha ha 1120. It's 1117 here. How much is "decent money"? Who's words were they? Show us the money Mr Hearn!!!
Worth remembering that the ancien regime made 'multi year deals' that had termination clauses (which effectively made them short term deals with options). I would argue that the one long term deal (Betfred's sponsorship of the worlds) isn't that great for the sport (Fred Done would have to pay a lot more now than he agreed with Sir Rodney in 2009 - be interesting to see if that deal is extended).
No point drawing comparisons with the days when the cancer stick firms were throwing money at the sport (remember B&H used to organise the masters itself - companies just don't do that sort of thing any more).
Hearn was literally dancing at one point at Crondon. If he's happy with the deal then it's a good deal. I know one firm who tried to get it for a knocked down price and were told to sling their hooks.
Do the deals made during the season get published in the accounts?
He may have been dancing with relief!
823
he may have
BUT HE WASNT
no matter how much you or anyone else wants that to be true.
unlucky!
Just accept it guys, Hearn has scored for England. The boy done good.
England?
Scotland rules!!
Hi David. Great, in my view, that Barry Hearn has got a new sponsor for this event. Nothing wrong with other sponsors, but more event's and new sporsor's for the game, is in no way,a bad thing, in my view.
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