Wells Fargo under its previous deal has spent $10-12M annually as title sponsor of the Charlotte eventGETTY IMAGES
Wells Fargo has signed a "five-year contract extension" as title sponsor of the annual PGA Tour event at Quail Hollow Club that "will keep the tournament in Charlotte" through '24, according to Erik Spanberg of the CHARLOTTE BUSINESS JOURNAL. Terms of the agreement "weren’t disclosed," but Wells Fargo in recent years has spent $10-12M annually as title sponsor. That amount "includes related and required commitments to buy advertising as part of the national TV broadcast on Golf Channel and CBS." A source said that the new contract is in the "same range with annual increases of 3% to 5%." In '21, when Quail Hollow hosts the Presidents Cup, the Wells Fargo "will move to TPC Potomac at Avenel Farm" in the suburbs of DC. PGA Tour Commissioner Jay Monahan said that the event is "likely to retain its early-May slot on the Tour schedule" through '24. Wells Fargo will "continue to use the tournament to promote the bank while entertaining top customers and prospects on the course and rewarding employees with tickets." The bank "receives 6,000 tournament tickets and uses 3,000 to 4,000 to entertain clients and prospects" (BIZJOURNALS.com, 4/30).
ELITE STATUS: In Charlotte, David Scott writes the extension "solidifies the Wells Fargo as a top PGA Tour destination." The tournament "routinely sells out and has become one of the top events on tour that’s not a major" (CHARLOTTE OBSERVER, 5/1). In DC, Barry Svrluga notes while traditional Tour stops in DC and Houston recently "couldn’t land a sponsor that would provide stability, the new deal reinforces the idea" that the Wells Fargo Championship is "among the most prominent tournaments on tour" (WASHINGTON POST, 5/1).
