10th Apr 2015 13:39
LONDON (Alliance News) - Parallel Media Group PLC Friday said it has been informed that the Championship golf tournament has been postponed until spring 2016, which will reduce the company's revenue in 2015.
The sports, entertainment and media agency said the Championship has been postponed until 2016 from 2015 and said it will form part of the European Tour 2016. The result of the postponement is that the revenue associated with the event will now fall into the company's 2016 financial year, which is the same as the calendar year.
Parallel Media did not say why the tournament has been postponed or to what extent its revenue will be impacted by the delay.
In September last year the Championship, formally the Ballantine's Championship, was moved from South Korea to Singapore. However, Parallel is still continuing with a similar event in Korea, and it said discussions about the Korean tournament will progress in 2015.
The Championship does not currently have a title sponsor, and Parallel said it is speaking to an investor in Championship (Singapore) Pte Ltd about securing a sponsor for the event.
In addition, the company continues its discussion to stage the 2015 edition of the Prudential Causeway Trophy in either Singapore or Malaysia.
Parallel shares were up 2.9% to 18.00 pence per share on Friday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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