Sports Events: Nike/Hurley Pull Out of Surf Sponsorship .

Hurley and Converse and their parent company Nike have announced that they are pulling out of sponsoring the U.S. Open of Surfing in Huntington Beach, Calif., to focus their attention on other initiatives, according to shop-eat-surf.com.

"In many ways, we achieved the goals we set for ourselves at the U.S. Open," Hurley founder and CEO Bob Hurley said in a statement to shop-eat-surf.com. "Now it's time to export the magic created at the U.S. Open and invest it into other aspects of our business, like a renewed athlete focus and new and exciting ways of connecting with millions of kids."

A new title sponsor has not yet been announced.

"We are looking forward to evolving the Nike Lowers Pro and putting efforts into expanding grassroots events like the Nike Block Series surf contest," Nike Global Action Sports VP Sandy Bodecker said to shop-eat-surf.com. "Nike will continue to be active in the sport by innovating and supporting surfing through our events, products and athletes."

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( By TIFFANY MONTGOMERY through SportsOneSource Media )