European Tour boss George O'Grady has no fears for the Race to Dubai despite the problems faced by backers Leisurecorp.

The Dubai-based company, which has ploughed 111 million euro into the tour this year as part of a five-year deal, has been taken over by the state-owned Nakheel.

Speaking on the eve of the 3 Irish Open, O'Grady said: "The whole economic situation is a cause for concern but we are particularly strong there now.

"This re-grouping with Nakheel is good news for us. No one is immune to the economic situation throughout the world.

"The economic situation in Dubai is well chronicled in the financial pages but Leisurecorp particularly was always doing pretty well.

"We've been kept fully informed at all times and the five-year contract is safe.

"They are now within the state-owned Nakheel company as well which is a direct part of the business planning and we are at the forefront of that. And so we are financially sound and secure."