European Tour strong despite takeover of sponsor - O'Grady

By Norman Dabell

BALTRAY, Ireland (Reuters) - The European Tour remains strong despite the takeover of its 500 million pounds ($758.5 million) sponsor Leisurecorp, chief executive George O'Grady said on Wednesday.

Dubai-based Leisurecorp, which has ploughed 100 million pounds into the tour this year as part of a five-year agreement, has been taken over by the state-owned Nakheel.

"The whole economic situation in Dubai is well chronicled but we are strong," tour chief O'Grady told reporters on the eve of the Irish Open.

"This (takeover) consolidates our position and is favourable. We've been kept fully informed at all times and the five-year contract is safe."

However, Leisurecorp's sponsorship money has been unable to save the British Masters.

The tour said on Wednesday the event would not take place this year because of the lack of a tournament sponsor.

The Austrian Open will now take the Sept. 17-20 slot of the British Masters.

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