GM to sponsor golf event in Florida
Mon, 29 Nov 2010 21:28:44 GMT —
By TIM REYNOLDS
Cadillac will be the title sponsor of the World Golf Championships at Doral through at least 2016.
General Motors and the PGA Tour announced the deal Monday, advancing the automaker's progress out of bankruptcy protection.
The sides are also talking about bringing a PGA event back to the Detroit area.
PGA Tour Commissioner Tim Finchem says the money problems that hit GM and Cadillac "weren't related to being able to sell cars" and that the company's long relationship with golf has aided it through tough times.
GM has returned to profitability. It made $4.2 billion through the first three quarters of this year despite slow auto sales in the U.S. The company shed much of its debt and slimmed down to just four brands as it went through bankruptcy court last year.