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Harrington loses €750k BoI deal

Bank of Ireland's sponsorship of three-times major winner Padraig Harrington is to come to an end, according to reports.

The bank has reportedly decided not to renew its advertising deal with the star golfer when its three-year deal expires at the end of May.

The move is said to be part of a range of cost-cutting measures being implemented by the financial institution.

At the time the deal was announced in May, 2007, it was understood to be worth €750,000 over the three years plus performance bonuses.

However, there is speculation that the figure was substantially higher.

The sponsorship deal covered a period when the Dubliner experienced his best period on the golf course, winning the British Open twice and the USPGA.

He rose to number three in the world rankings.

As part of the deal, Harrington, who is currently ranked 10th in the world, wears the Bank of Ireland logo on his shirt.

In addition, he takes part in three corporate golf outings every year for the financial institution.

The Irish Times reported today that the bank's decision not to renew was part of an "unrelenting focus on costs" at the business. Bank of Ireland is one of 12 companies listed on the golfer's website as a sponsor.

Among his other backers are worldwide golf brands Wilson Staff and Titleist.

In 2009 alone, Harrington signed three sponsorship deals.

They were with mobile phone group 3 Ireland, watch company Citizen and golf shoe maker Footjoy. Harrington's joint 16th place in the Pebble Beach Pro-am on the PGA Tour last week took the Dubliner back into an automatic spot in Europe's Ryder Cup standings.

Along with Rory McIlroy, Harrington is currently the only two Irishmen automatically qualified for the showdown.