Published: Sep 03, 2010 4:12 PM EDT
Updated: Sep 04, 2010 4:30 AM EDT

DUBLIN, Ohio (AP) — Nationwide Insurance announced Friday it will end its title sponsorship of the PGA Tour's developmental circuit in the U.S. when its contract expires in two years.

The company, based in nearby Columbus, Ohio, has been the title sponsor of the tour for the past eight years.

Nationwide also announced it will become the presenting sponsor for the Memorial Tournament starting in 2011, replacing Morgan Stanley, which declined to renew its contract with the tournament founded and hosted by Jack Nicklaus.

PGA Tour commissioner Tim Finchem said the tour was economically healthy and had survived a difficult financial climate, but would be looking to find a replacement sponsor for the Nationwide Tour.