The PGA Tour’s Charlotte event has secured a new title sponsor, with Truist expected to replace Wells Fargo, according to sources familiar with the matter.
In a note to players on Monday afternoon, the tour announced that a new, unnamed sponsor had come on board, while also expressing gratitude to Wells Fargo for its previous sponsorship of the tournament.
Earlier reports had indicated that both Truist and TIAA were final bidders for the title sponsorship deal. The PGA Tour had been seeking up to $25 million annually for title sponsorships for its signature events. However, the specific financial terms of Truist’s sponsorship deal and the new name of the tournament remain undisclosed.
Wells Fargo, the previous title sponsor, chose not to renew its sponsorship late last year, despite reportedly making an offer exceeding $20 million. While Wells Fargo will no longer sponsor the event at the title level, sources anticipate that the company will still collaborate with the PGA Tour in some capacity.
Following Wells Fargo’s exit, there were uncertainties about whether the tour would continue in Charlotte. However, reports indicated that both TIAA and Truist were committed to keeping the tournament in the city. Quail Hollow Club, the venue for the event, has a rich history of hosting major golf tournaments, including the PGA Championship in 2017 and the Presidents Cup in 2021. It is scheduled to host the PGA Championship again next May.
Although details are not finalized, sources suggest that the Tour’s Championship Management arm is exploring a potential partnership with Quail Hollow to assist in organizing the tournament. Pro Link Sports, based in Florida, has managed the event since 2018.
The PGA Tour declined to comment on the matter, and Truist did not respond to requests for comment before the deadline.
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