Royal Bank of Scotland ended its multi-million-pounds sponsorship of The Open Championship, the world’s top golf tournament after nine years.
The move reflects the pressure RBS facing due to the public money it owe to the taxpayer. It may be noted here that the taxpayer had pump billions of pounds to bail the bank out at the peak of economic crisis in 2008.
The sponsorship of The Open Championship was costing the bank around 1.5 million pounds per year.
RBS and golf governing body, the R&A, said that the decision to end the deal after the St Andrews Open last month was mutual. The R&A added that it was in talks with other companies showing interest in joining the Open Patrons programme.
Announcing the decision, a spokesperson for RBS said, "It is now time for us to step aside from our involvement as a patron of The Open Championship and we wish The R&A well in the continued development of one of the world's major sporting events."
Bank's former chief executive Sir Fred, a golf enthusiast, had spent million to sign up the golf superstar Jack Nicklaus as a brand ambassador for the bank.
Earlier, RBS declared that it would withdraw from Formula 1 sponsorship from the end of this season.