A new deal with the current sponsor has ensured the future of the Hong Kong Sevens until 2003.
Hong Kong Rugby Football Union chairman Peter Duncan said the deal with Credit Suisse First Boston had 'many zeroes in it' and would provide the resources to invest in the game's long-term development.
'It is also an enormous vote of confidence in our event and it gives the HKRFU a solid base of financial support that will allow us to plan and prepare well in advance for the tournaments in each of these three years,' Duncan said.
CSFB stepped into the breach in 1998 after original backers Peregrine fell victim to the Asian economic downturn. This year's Silver Sevens was the last under the original three-year agreement.
'We were thrilled to take over the Sevens sponsorship in 1998 when the opportunity presented itself,' said Stephen Stonefield, CSFB chairman, Pacific Region.
'It was a decision we made quickly and under substantial pressure. We felt then, and we know today, we couldn't have made a wiser move.' The HKRFU refused to disclose the amount of the sponsorship, saying only the new deal is 'excellent'.
