Sponsorship extended through 2012

NORTON, Mass. -- The PGA Tour and Deutsche Bank announced Thursday afternoon that the global banking firm has exercised a two-year option to continue sponsorship of the Deutsche Bank Championship at TPC Boston through 2012.

The bank had previously signed a four-year extension in 2007 that coincided with the tournament's alignment with the FedEx Cup, and will also continue to run each Labor Day weekend.

Speaking at a press conference and flanked by PGA Tour commissioner Tim Finchem and EMC vice president of sales Bill Scannell, Deutsche Bank Americas CEO Seth Waugh apologized several times for not being more transparent over the last eight months about negotiations to extend the sponsorship agreement, but, he laughed, "as you can imagine, when you have the number of parties involved that we had, even though you're great friends and there was a handshake from day one, getting to the details of that, between ourselves and EMC, the Tour, Tiger Woods Foundation ... when you set that many lawyers in one room, it tends to build up the hours."

Waugh considers the tournament "a home run" since it made its PGA Tour debut in 2003, and says he's committed to keeping the tournament in Boston long-term.

"We've been told we've raised $60-or-$70 million of revenues brought to the region each year," Waugh said. "You add that up over eight years, that's roughly a half-billion dollars, which is real money. I think someone once told me when I started the business that the best thing you could ever do for the world or the economy is to create a job, and I'm hoping that in $500 million there's a number of jobs that have been created out there."

Brendan Hall is a reporter for ESPNBoston.com.