Hilton Head foundation terminates WorldCom as golf tournament sponsor

HILTON HEAD ISLAND, S.C. - WorldCom lost its namesake PGA Tour event Monday, less than one day after the troubled telecommunications company filed for bankruptcy. <br> <br> Heritage Classic Foundation said it terminated its contract with the company, which owns MCI - the nation&#39;s No. 2 long-distance carrier - on Monday. <br> <br> &#34;Our golf tournament represents an enormous economic impact for our entire community which we are not willing to jeopardize,&#34; Heritage board chairman Joe Fraser said. <br> <br> Earlier this month, Fraser said that WorldCom missed recent payments on its $1.9 million sponsorship fee. That put WorldCom in default and would have allowed tournament officials to break the contract with the company. <br> <br> Fraser said the foundation, under contract with the PGA Tour through 2006, is confident it will have money to conduct the tournament next April without a new title sponsor. <br> <br> &#34;We will evaluate each opportunity as it comes to ensure the best possible fit, and we openly welcome suggestions by the thousands of fans who love our tournament,&#34; Fraser said. <br> <br> The annual tournament has been held on Hilton Head Island since 1969 at the Harbour Town Golf Links at Sea Pines Resort. Officials say the tournament is responsible for more than $60 million in revenue. <br> <br>