Aftermath of Hanwha Classic Cancellation... Golf Team Also Facing Disbandment 분위기

Hanwha Group Cancels Major Hanwha Classic
Golf Investments Slashed Amid Financial Crisis
Player Sponsorships Halted, Existing Members Not Renewed
Kyochon, SK Telecom, and SK Shieldus Also Withdraw from Tournaments

The aftermath of Hanwha Group's withdrawal from golf tournaments is intensifying. Beyond simply canceling the tournament, there are even signs of the golf team being disbanded. Hanwha Group officially announced last December that it would no longer hold the 'Hanwha Classic' tournament. Although it prided itself as the country's top major tournament, it ultimately brought the curtain down on its own. Even considering the global economic crisis, criticism continues over the decision to give up such a major tournament so easily, rather than a regular event.

The Hanwha Classic, a major tournament on the KLPGA Tour, will no longer be held starting this year. KLPGA

Hanwha Group entered the golf world in 2011 by launching the 'Hanwha Financial Classic.' Since then, it devoted great effort to elevate the tournament to major status. They invited top players such as Nelly Korda (USA), who was ranked number one in the world, and set the prize money and course at the highest level. However, due to its short history, there were limits to being recognized as a major tournament.

To emphasize tradition, Hanwha revived the legacy of the 'Hanwha Cup Seoul Women's Open,' held from 1990 to 1997. From then on, they sponsored the KLPGA Tour and continued steady investment. After persistent persuasion, the 'Hanwha Financial Group Classic' was finally elevated to a major tournament in 2017. It became the fifth major tournament following the Korean Women's Open, KLPGA Championship, Hite Jinro Championship, and KB Financial Star Championship.

After the major elevation, Hanwha Group continued more aggressive investments. They raised the tournament's prestige by moving the venue from Golden Bay Golf & Resort in Taean, Chungnam to Jade Palace Golf Club in Chuncheon. The prize money was also increased annually. The total prize money for the Hanwha Financial Classic reached up to 1.2 billion KRW, and after becoming a major, it established itself as the largest tournament on the KLPGA Tour. The total prize money for the last tournament held last year was 1.7 billion KRW, with the winner's prize at 306 million KRW.

Veteran Ji Eun-hee's sponsorship contract with Hanwha has ended, so this year she is playing wearing a Min cap. Photo by AFP Yonhap News

The Hanwha golf team also boasted a glamorous lineup. Since 2011, they supported female golfers and operated a global team spanning the US, Japan, and Korea tours. Players such as So-yeon Ryu, Eun-hee Ji, In-kyung Kim, Ji-eun Shin, Ah-rim Kim, Chae-young Yoon, and Min-young Lee were active overseas, while domestic players like Ji-hyun Kim, Jung-min Lee, Hee-jung Lim, and Yoo-jin Sung were actively supported. Support for foreign players also drew attention. Nelly Korda joined the Hanwha golf team in 2017 at the age of 19 and stayed for six years until 2022.

However, the wave of the economic crisis was unavoidable even for Hanwha Group. As the Korean economy sank into a prolonged recession, Hanwha has been gradually reducing support for players following the tournament cancellation. Sponsorship with Eun-hee Ji, a symbol of the golf team, has also ended. It is known that they are giving up contract renewals with players and moving toward disbanding the golf team itself.

Hanwha's swift withdrawal soon triggered a chain reaction. Kyochon, SK Telecom, and SK Shieldus also announced that hosting tournaments this year would be difficult.