Wells Fargo not renewing sponsorship with Charlotte PGA event

Wells Fargo not renewing sponsorship with Charlotte PGA event

CHARLOTTE, N.C. (QUEEN CITY NEWS) – Wells Fargo is dropping its longtime sponsorship of the PGA Tour event in Charlotte at Quail Hollow Club, the banking giant confirmed on Friday.

The sponsorship will end following the 2024 Wells Fargo Championship, which is scheduled to take place in its usual early May slot.

The tournament was established in 2003 under Wachovia and features the world’s top golfers. This past year several of the world’s top golfers did not participate due to rules banning LIV pro golfers from participating in PGA Tour events. It still featured most of the top-ranked PGA golfers, however.

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Wells Fargo acquired Wachovia in 2008. Wells Fargo signed a five-year sponsorship agreement with the tournament in 2019. As an elevated event, the tournament holds a $20 million purse.

Previous winners include Tiger Woods, Rory McIlroy, Rickie Fowler, and last year’s winner, Wyndham Clark.

Wells Fargo released the following statement to Queen City News:

Wells Fargo is not renewing the Wells Fargo Championship as a Signature Event in 2025 and beyond. To drive efficiency and support our business long-term, we regularly review and adjust our overall sponsorship strategy.

We are incredibly proud of the 20+ year history of the Championship. The tournament has generated significant local impact and delighted golf fans in Charlotte and across the country. Since 2003, the Wells Fargo Championship has generated more than $30 million in support of numerous charitable foundations.

We value our relationship with the PGA TOUR and look forward to hosting the 2024 Wells Fargo Championship, a Signature Event, at Quail Hollow Club, May 6-12.

Wells Fargo is committed to the Greater Charlotte region. With more than 27,000 employees, it is home to the largest employee base for the company. Earlier this year, Wells Fargo announced upwards of $500 million in investments over the next five years to upgrade workspaces and enhance the employee experience in Charlotte.

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