Tiger Woods' management team is expected to sign a contract this weekend committing the world's No 1 golfer to play in the New Zealand Open, but official confirmation could be up to a fortnight away.
Woods is almost certain to play in the tournament next January 10-13, but the saga continued
yesterday with the Australian newspaper reporting that merchant bank Fay Richwhite was underwriting Woods' visit to Paraparaumu Beach to the tune of between $US1 million ($2.5 million) and $US3 million.
The backing is from New Zealand-based FR Partners, which has lineage to Fay Richwhite.
FR Partners' managing director Bill Birnie confirmed the deal yesterday.
He said his company was backing the venture financially to secure Woods' participation and to run the tournament.
But the Australian report was incorrect in that nothing had yet been signed.
"It is not a happening thing yet," Birnie said.
"There are the logistics of the tournament to be put in place, as well as finding the appropriate sponsorships.
"From a Wellington and New Zealand perspective I hope it occurs, but there is a lot to do first.
"It could be two or three weeks before there is anything concrete."
However, it is understood that Woods' manager, Mark Steinberg, could sign the contract during the weekend.
Woods is managed by the International Management Group in the United States.
The New Zealand Open is normally run by IMG Australia and New Zealand.
But the Australian report said that in a one-off deal, IMG had sold all commercial rights to the 2002 New Zealand Open to the PlusFore Group, made up of four Wellington businessmen.
IMG would still be responsible for running the tournament.
To ensure the venture was a success, PlusFore had to take on partners, including FR Partners and telecommunications firm TelstraSaturn.
TelstraSaturn have naming rights to the tournament, as they did for the first time last year.
- NZPA
