CCV, Dominion Energy pulling out of annual PGA tourney in Richmond after 2025

The PGA Tour Champions event begins this week.

A major shakeup has hit the annual Dominion Energy Charity Classic.

The pro golf tournament, held each fall in Richmond by PGA Tour Champions since 2016, is set to lose Dominion as its title sponsor and Country Club of Virginia as its host venue after the event’s 2025 installment.

The decision, announced by all parties Thursday, came as a surprise to the PGA, as both CCV and Dominion had signed on for the tournament through 2029. CCV and Dominion exercised options in their contract to pull out early, each for different reasons.

Steve Schoenfeld, executive director of the event, said in a prepared statement that the tournament has no intention of leaving Richmond despite the need to find a new venue and main sponsor.

“While this tournament began in 2016 and flourished as a result of strong partnerships with Dominion Energy and The Country Club of Virginia, it is the Richmond community as a whole that has made the event what it is today,” Schoenfeld said. “The Champions Tour has every intention of remaining in Richmond and the process to identify and secure a new title sponsor and host golf course for 2026 and beyond will begin immediately.”

CCV, in a letter sent to members and obtained by BizSense, said it had multiple motivations for parting ways early with the charity event.

“Your Board and staff are committed to maintaining the relevance and value proposition of CCV membership,” said the letter, signed by club president Scott Hetzer. “Stepping aside as host allows our Club to evolve with heightened levels of member activity, changing usage habits, and key strategic initiatives on the horizon.”

The clubhouse at CCV’s James River Course.

Those initiatives include plans for upcoming construction on parts of CCV’s James River Course – where the tournament has been held each year – as well as maintenance to the club that has been put off because of its participation in the tournament.

CCV had an option to back out of its contract as long as it gave the PGA a two-year notice. It’s unclear whether an exit fee was required.

“The Charity Classic has been a great source of member pride and volunteerism, bringing members, staff, and the community together in new ways,” the letter added. “Over the years, the tournament has provided a financial benefit to our Club, and we do not anticipate a negative financial impact upon exit.”

For Dominion, the title sponsor since the event’s inception, the decision to pull out early was driven by business factors, a company spokesman said Thursday.

The publicly traded utility giant has been in the midst of a yearlong strategic review after exiting its natural gas operations and in the face of a lagging stock price for much of the past two years.

As part of that review, the company said it has decided to focus more on the basics of its business of electricity generation and delivery. Its sponsorship for the golf tournament cost the company six figures each year, though an exact amount was not disclosed.

Dominion said Thursday that it’s proud of the success of the tournament, which has raised $11 million for charities in its eight years and has consistently drawn large crowds and steady streams of volunteers.

“We’ve demonstrated that a major sporting event in Richmond can be successful. There’s a blueprint for how that can be successful,” the company said.

Dominion’s contract contained an option allowing it to walk away without a fee if the venue were to change.

In the interim, CCV and Dominion each said it intends to participate in the tournament as usual for the final two years of involvement.

As stated in CCV’s letter, the decision “will not diminish the support, attention, and service we will provide the event in our final two years and beyond. The Club’s members and staff look forward to working with our valued partners and the Richmond Community in rounding out a remarkable 10-year run.”