Wells Fargo Finally Puts Name on Charlotte's PGA Tour Stop
Amid scrutiny from all angles, financial institutions have dramatically altered their sponsorship communications over the past few years, but few title sponsors went so far as Wells Fargo in ensuring anonymity of a multi-million dollar sponsorship. The bank inherited its sponsorship of the Quail Hollow Championship, which runs through 2014, as a result of its Wachovia acquisition. But when players and fans gather for next May’s PGA TOUR event in Charlotte, the tournament will finally have a new name - the Wells Fargo Championship.
“As title sponsor of the Wells Fargo Championship, Wells Fargo is pleased to be a part of a world-class event that both supports our communities and builds our business,” said David Carroll, head of the Wealth, Brokerage and Retirement divisions for Wells Fargo & Company. “With the Wachovia conversions on the East Coast scheduled for the next 18 months, we believe the time is right to bring the Wells Fargo name to this tournament.”
Wells Fargo/Wachovia has sponsored the PGA TOUR golf tournament at the Quail Hollow Club in Charlotte, N.C., since its inception in 2003.
“We fully support this name change and look forward to working with Wells Fargo and the tournament in continuing the positive business, charitable and economic impacts that have been generated by this outstanding event,” said PGA TOUR Commissioner Tim Finchem.
“It is hard to measure how much this tournament means to our broader Charlotte community, including the local non-profit organizations we are proud to support and the hundreds of team members who volunteer their time each year at the tournament,” Carroll added.
Annual proceeds from the Wells Fargo Championship have been donated to Teach For America and other organizations in the Charlotte area for the past eight years, amounting to more than $11 million in charitable donations.
“Our goal is to build on to what we have established in the tournament’s first eight years – a first-class event for fans and players the Charlotte community can take pride in,” said Kym Hougham, executive director of the tournament. “I firmly believe that adding the Wells Fargo name will ensure this continues to happen.”