Arena Events subsidiary inks multi-year contract with PGA Tour division

Event solutions business Arena Events Group said on Monday that its recently acquired US subsidiary, Arena Aztec Shaffer had agreed to a new multi-year contract with Championship Management, a division of the PGA Tour.

Arena Events said the agreement, which runs until May 2023, covered the same scope of events as previously served by AAS, with pricing adjusted to reflect current market conditions.

The AIM-listed firm highlighted that the "significant majority" of the historical revenues of the previous Shaffer part of the business had come from golf, supporting in excess of seven tournaments a year including the Players Championship and the Presidents Cup.

Chief executive Greg Lawless said: "I am delighted that the team at Arena Aztec Shaffer and Championship Management have been able to agree to a new contract. This reflects the continued strong delivery of events by the team at AAS since we acquired our stake in the company in April and allows all parties to plan for a busy upcoming golf calendar, including the Presidents Cup in 2022.

"With a strong trading performance since we made the acquisition, this agreement further supports the rationale for our investment in AAS."

As of 0905 BST, Arena Events shares were up 2.22% at 14.95p.