The deal is good news for the sport as this year alone the PGA Tour has lost four title sponsors due to the global economic downturn. Under the agreement, the event will be known as the WGC-Bridgestone until 2014.
"I think the happiest person today might be Tiger [Woods], winning 60 or 70 per cent of the time he plays here," PGA Tour commissioner Tim Finchem told a news conference.
"For Bridgestone to make this commitment in a down economy speaks a lot about the value of PGA Tour golf and International Federation of PGA Tour golf from a branding standpoint, an advertising standpoint, a global reach standpoint and a business-to-business platform standpoint."
Bridgestone Americas Incorporated president Mark Emkes added: "Even in a down economy, we still need to sell Bridgestone golf balls, Bridgestone clubs, Bridgestone tyres and Firestone tyres. And we think this venue is an excellent chance not only to show our brands here in the United States but on an international stage."
WGC events bring together the world's top 50 golfers and are ranked behind only the four majors. World number one Tiger Woods has won at Firestone six times out of the eight times he has participated.
