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888 To Back out of Snooker Champions Sponsorship

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888 Holdings, which holds a five-year contract to back the World Champions of Snooker held in the United Kingdom every year, has announced that it is pulling out of the deal.

888 Holdings has been sponsoring the Sheffield-based event for only three years. Soon after the announcement, another sponsor, Saga Insurance, said it would also be pulling out of its snooker sponsorship commitments.

“Both companies have stated that the current economic climate is affecting marketing budgets in all industries and that market conditions had changed during the course of the agreements,” read a statement by the World Professional Billiards and Snooker Association (WPBSA). “We are currently out in the marketplace, proactively contacting potential sponsors through our sponsorship agency IMG. We remain optimistic that we will find new sponsors for the World Championship and the Masters.”