Wells Fargo will not sponsor the PGA Tour’s Charlotte, North Carolina, tournament after 2024.
The company released a statement on Friday stating:
“Wells Fargo is not renewing the Wells Fargo Championship as a Signature Event in 2025 and beyond.
“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.
News of Wells Fargo ending its sponsorship was first reported by the Charlotte Business Journal. The Sports Business Journal reported last month that the Tour held a call with more than 50 tournament officials and “discussed a new funding model that would see the tournaments put up an additional fee that would go toward event purses.” SBJ added on Friday that Wells Fargo wanted to remain as sponsor and “made an offer north of $20 [million] to renew. It also raised the possibility of dropping signature status to lessen the cost.”
“The PGA Tour and Wells Fargo have had a strong partnership dating back to 2003 that has delivered $30 million in charitable impact to local nonprofits. With Wells Fargo’s leadership, the PGA Tour’s Charlotte event has become one of the premier events in the Carolinas each year and on the Tour’s calendar. We look forward to continuing that tradition with the Wells Fargo Championship, May 6-12, 2024, at Quail Hollow Golf Club in Charlotte. The Tour plans to remain in Charlotte for the long-term and we are in active discussions with potential new title sponsors for 2025 and beyond.”
The tournament at Quail Hollow Golf Club has been known as the Wells Fargo Championship since 2011. Wells Fargo signed a five-year extension with the Tour in 2019 and is one of the eight signature events on the calendar, with a $20 million purse.
The 2024 event begins May 9. Wyndham Clark is the defending champion.