“We’re coming from a real position of strength,” Louis said Tuesday.
“FBR has helped us strengthen our tournament incredibly over the past seven years. We’re a much more valuable property than ever before. “We look forward to having the word out now so we can be more active in pursuing the right fit for our tournament.” “They chose not to extend it,” Louis said. “It’s not that they’re pulling out. FBR has fulfilled its contractual obligations, but it’s fairly obvious that their sector of business is hurting right now.” PGA Tour Commissioner Tim Finchem called the event “arguably our strongest community-based tournament on tour.” “Phoenix is generally regarded as one of the biggest sporting events in the country,” Finchem said. “I wouldn’t be surprised if their phones are ringing (today) with some companies interested, and we’ll go from there.” The announcement came a day after FBR’s parent company announced that it was changing its name to Arlington Asset Investment Corp. The company has sustained heavy losses in the economic downturn, with its stock falling as low as 6 cents per share and closing at 21 cents Tuesday, down from a high of $3.01 in the past year and $26.99 five years ago. Its third-quarter losses totaled $169 million, with its annual report due to be released Wednesday.
Charley Hoffman watches his shot onto the 18th green before a large gallery during a playoff for the 2009 FBR Open at TPC Scottsdale.