Wells Fargo will end their golf tournament sponsorship post-2024 contest - Reports

The already turbulent golf world suffered another jolt on Friday when reports of Wells Fargo not renewing the sponsorship of its namesake tournament emerged. The event has been a part of the PGA Tour schedule since 2003.

The Wells Fargo Championship will reportedly be played in 2024 for the last time under that name, following the alleged withdrawal of its title sponsor. This was reported by Erik Spanberg of the Charlotte Business Journal on X (formerly Twitter), citing an official statement from the San Francisco-based company.

"Breaking: @WellsFargo ending @WellsFargoGolf sponsorship with 2024 tournament in May."

This is part of the statement (via the Charlotte Business Journal):

"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-plus 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."

According to the Charlotte Business Journal, the Quail Hollow Club, host of the event, intends to keep the tournament if it can secure a new sponsor that meets expectations.

The event is scheduled as one of the Signature Events of the 2024 PGA Tour season. This places it as one of the most important events of the season, after the Majors.

Being a Signature Event, it also has a higher purse than the regular tournaments and awards more points for the FedEx Cup rankings.

Wells Fargo Championship: a look at its history

The event first emerged in 2003 as the Wachovia Championship, the name under which the first six editions were played. After the purchase of the financial company Wachovia by Wells Fargo in 2008, the event changed its name.

There were two transitional editions in which the name Quail Hollow Championship was used for the event. Starting with the 2011 edition, the event adopted its current name - the Wells Fargo Championship. The title sponsorship contract for this event expires after the 2024 edition and will reportedly not be renewed.

The Wells Fargo Championship has been increasing its purse over the years, reaching the current $20 million in 2023. The purse offered is one of the most lucrative on the circuit. It initially started at $5.6 million, surpassed $6 million two years later, passed $7 million in 2015, and $8 million in 2021.

The top winner of the event is Rory McIlroy, who has won it three times (2010, 2015, 2021). The other multi-winner is Max Homa (2019, 2022). Players who have won the Wells Fargo Championship include Tiger Woods, Rickie Fowler, Lucas Glover, Brian Harman, and Jason Day. The reigning champion is Wyndham Clark.

Rory McIlroy holds the record to par (-21) at the event since his 2015 victory. In that same edition, the Northern Irishman won with the biggest difference over the runner-ups (7 strokes over Patrick Rodgers and Webb Simpson). Wyndham Clark set the aggregate record (265) when he won the event in 2023.