When SARS blighted the Hong Kong Sevens this year, there were some who wondered whether in the current global climate, CSFB would continue its sponsorship of the event after six highly successful years. Rumours abounded that beancounters in New York had remarked "What's this rugby thing, and why are we sponsoring seven of them".
It was also rumoured that UBS was ready to step in and replace CSFB as sponsor should it decide not to renew.
However, all such rumours have been put to rest. Yesterday it was announced that CSFB has brought in Cathay Pacific as a joint sponsor of the event, and says CSFB's Asian boss, Paul Calello: "This will take the event to a new level in terms of its exposure."
Calello says the genesis of the move was a series of lunches he had with Timothy Fok, the Hong Kong sports minister, where they talked about SARS and the bounceback HK campaign. Both discussed how they could make the Sevens an even bigger and better event in this context.
Calello says Cathay was a natural choice, as it is a local company with a huge capacity to market the event. Nor is it the first time Cathay has sponsored the event. Indeed, it was the original co-sponsor of the event 21 years ago with Rothmans.
Calello says the event will now be co-sponsored by CSFB for the next three years, and that the firm has not given up any of its seats or boxes at the event, so "the clients won't be affected."
Indeed, Calello says the Sevens is a great event for CSFB because it is the toehold around which it structures its four day Asian investor conference. "It's perfect to have the Sevens weekend at the end of the conference, so that clients can let their hair down," he says.
The event will now be formally named The Cathay Pacific Credit Suisse First Boston Hong Kong Sevens. Try saying that after eight pints of lager.
