Snooker Faces A Financial Low
The world of snooker has suffered a catastrophic financial blow as two of their biggest sponsors announced they are terminating their contracts.
888.com, snookers official sponsor of the World Championships and Saga Insurance have decided to end their long term deals with the World Professional Billiards and Snooker Association.
The WPBSA are looking to lose a staggering £1.5 million if replacement sponsors can't be found. The game's governing body announced the news to the players by letter saying...
'Both companies have stated that the current economic climate is affecting marketing budgets in all industries, and that market conditions had changed during the course of the agreements. We are currently out in the marketplace, proactively contacting potential sponsors through our sponsorship agency IMG. We remain optimistic that we will find new sponsors for the World Championship and The Masters. '
Both major competitions have previously been sponsored by tobacco compnies until the government ruled that this was no longer acceptable.
The Royal London Watches and Maplin Electronics are also in their final year of contracts for the Grand Prix and UK championship.
China's tournaments still have two funded sponsors, however, the first event of the season - The Northern Ireland Trophy does not have any financial backing.
Take a deep breath and WIN!