The PGA Europro Tour has agreed a deal with Ivobank to be the title sponsor of the 2008 Tour.
The announcement comes on the eve of the third event of the season at Collingtree Park and follows a year of extensive research to source a partner that shares the goals of Europe's developmental tour.
Eddie Hearn, the Chief Executive of the Tour said: "The PGA Europro Tour is delighted to announce our ground-breaking partnership with Ivobank.
"Over the past 12 months we have carefully evaluated our options in bringing in a title sponsor to the PGA Europro Tour and always felt it was imperative to select a partner that shared our goals and visions in developing the world's leading young golfers. Whilst Ivobank will receive extensive exposure and benefits through their sponsorship they will also play an integral part in the future of the game."
Ivobank is a new bank, specialising in online payments for both businesses and the general public. Ivobank offers interest on deposits, free and fast payments to friends and family, and a virtual debit card which can be used to make purchases online where MasterCard is accepted. The service launches at the end of May.
Timothy Sawyer, Managing Director of Ivobank, commented: "Ivobank is proud to be sponsoring the PGA Europro Tour. As a new online bank, it's fantastic for us to be supporting some of the world's newest sporting stars. Our partnership with the Tour gives us an ideal opportunity to introduce our brand and online banking services to sporting fans across the world."
The Ivobank PGA Europro Tour kicked off in exciting fashion with 21 year-old Seve Benson winning a four-way play-off to take the first event at Wensum Valley in Norfolk and Brian McElhinney winning the second event at The Shire London, Barnet. The Tour moves to Collingtree Park, Northampton this week before crossing the water to Faithlegg in Ireland next week.
There are 16 events on the Tour this year, including the East Sussex National course that hosted the European Open in 1993 and 1994, and the Oceanico resort in Vilamoura, Portugal.