Volvo pulls out of Masters of Asia sponsorship

Volvo has confirmed that, after careful consideration, it has decided not to take up its contractual option to further extend its golf sponsorship of the Volvo Masters of Asia for an extra year into 2009.
Following recent meetings in Singapore with events rights holder, World Sport Group and the sanctioning body, the Asian Tour, Per Ericsson, President & Chief Executive Officer of Volvo Event Management said, "There is no single issue that has led us to take this decision, more so a combination of factors. The current economic climate, the unstable situation surrounding Asian golf at present and recent unrest in Thailand all played a part."
He continued, "On reflection and taking all these issues into consideration, the board of Volvo Event Management has concluded that it would not be taking up its option on a further extension on this occasion, however remains open to opportunities in Asia in the future."
Volvo's current golf portfolio includes the €3.25million Volvo World Match Play Championship, to be held at Finca Cortesín in Spain from October 29-November 1, 2009, the Volvo China Open and the Volvo Masters Amateur.