Less than three months after coal and agriculture magnate Jim Justice bought the famed Greenbrier out of bankruptcy, the historical West Virginia resort has been selected as a stop on the PGA Tour.
The Greenbrier Classic will replace the Buick Open on the golf tour's schedule next summer, the PGA Tour announced last week.
The resort will be the main sponsor of the tournament, which Justice said would have a purse of $6 million.
The commitment from Justice is just the latest he is making to the troubled resort.
Less than two weeks ago, he paid Marriott International $7.5 million to end negotiations on a potential marketing agreement, a "breakup" fee he offered after undercutting Marriott's planned purchase of the resort.
Justice also recently announced plans to add an underground casino to the resort.
Justice, who was born and raised near the Greenbrier, paid $20 million for the resort in May after selling a significant portion of his coal business to Russian mining and metals company Mechel OAO for $436 million, according to the Register-Herald in Beckley, W.Va.
Justice said he has had his sights on bringing a PGA tournament to the Greenbrier ever since.
"Players and fans alike will be stepping into the American story and experiencing a true national treasure," said Justice. "The genuine warmth of West Virginia will resonate among all that join us."
The tournament, which is set to run annually through 2015, will be held on the Old White Course, the oldest of the Greenbrier's four golf courses, dating to 1914. The Greenbrier said it would form a separate, nonprofit, charitable organization to serve as the tournament operator.
The Greenbrier has had considerable involvement with professional golf over the years. The Greenbrier Course, renovated by Jack Nicklaus in 1977, played host to the 1979 Ryder Cup as well as the 1994 Solheim Cup. It also played host to a Champions Tour tournament from 1985 to 1987.
World Golf Hall of Fame member Sam Snead served as golf professional emeritus at the resort from 1994 until his death in 2002. Tom Watson became the Greenbrier's second golf professional emeritus in 2005.
The Golf Club also features a large collection of Snead and Watson memorabilia.
"We are absolutely delighted that the Greenbrier, recognized as one of the truly great resorts and golf destinations in the world, will become part of the PGA Tour in 2010 with the Greenbrier Classic," PGA Commissioner Tim Finchem said in a statement.
The Greenbrier is a National Historic Landmark that has hosted presidents and kings since 1778. But the 721-room resort has been struggling in recent years.
In 1999, it lost its coveted five-star rating from Mobil.
In 2008, after completing $50 million in renovations in an attempt to regain that ranking, the resort saw a host of regular meetings canceled due to a protracted labor dispute.
After losing $35 million in 2008, the resort laid off 650 employees in January, and in March it filed for bankruptcy.
CSX Corp., the previous owner, had reached an agreement to sell the property to Marriott when Justice swooped in with a surprise purchase.
Justice said he has rehired every employee and has beefed up their benefits packages.