FBR Gives Up Its Name . . . And the Golf Sponsorship
Golfer Billy Mayfair tees off during the FBR Open on Jan. 30. FBR has announced it will sponsor the tournament one more year.
(By Stephen Dunn -- Getty Images)
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FBR was a little-known regional investment bank until 2004, when the Arlington firm made a big -- and expensive -- splash by affixing its name to one of the richest and most raucous tournaments in professional golf.
The FBR Open, played every January in Phoenix, vaulted Friedman, Billings, Ramsey Group into the sports brand stratosphere, with its annual gathering of political, sports and financial celebrities.
But last week, FBR announced that it would allow its sponsorship contract to lapse after next year's tournament, when the event celebrates its 75th birthday.
FBR's decision is not surprising, given that corporate retreats, travel and sports sponsorships have been getting a bad name during the current recession. Does Northern Trust or AIG ring a bell? And Citigroup, with tens of billions of taxpayer dollars rolling into its coffers, is under pressure to undo its 20-year, $400 million naming-rights deal with the New York Mets at Citi Field, which opens next month.
FBR paid around $8 million a year to sponsor the event, known as the Phoenix Open until FBR came along and bought the rights five years ago. It is one of the best-attended events on the PGA Tour and earned $33 million for charity in the six years that FBR has been the name sponsor.
Eric Billings, chairman of FBR, said in a statement last week that "the FBR Open has been a centerpiece of our marketing and business development strategy for the past six years."
The timing appears right for other reasons as well.
FBR is no longer FBR. Friedman, Billings, Ramsey Group also announced last week that it was changing its name to Arlington Asset Investment Corp.
There's still FBR Capital Markets, but it doesn't have the same ring.
-- Thomas Heath
