The PGA Tour suffered a new defection on the day of the announcement of the signing of the LIV Golf contract by Jon Rahm. This is not another player, but one of the longtime sponsors of the United States professional circuit.
Pga Tour, news
Wells Fargo first appeared on the PGA Tour in 2008, following Wells Fargo & Company's acquisition of Charlotte-based Wachovia. The Quail Hollow Championship tournament, which has been held since its origins at the Quail Hollow Club, took on the name of Wells Fargo Championship in 2011 and this title has characterized it until the 2024 edition.
With the final closing of the curtain on the Wells Fargo Championship, the PGA Tour will have to face a double difficulty: the loss of a "heavy" sponsor and the lack of coverage of one of the eight Signature Events reserved for the Tour's top players.
A Wells Fargo representative said the company will not renew its sponsorship of the Wells Fargo Championship as a signature event starting in 2025. To improve efficiency and ensure the long-term sustainability of our business, we regularly review our sponsorship policy.
According to the Charlotte Business Journal, uncertainty over the PGA Tour's long-term financial situation has led Wells Fargo & Company to end their relationship with the Tour. However, the Sports Business Journal claims that the Tour's denial of a request to increase the tournament's prize pool to $25 million is the main reason for the bank's decision.
Wells Fargo & Company is the second major sponsor to leave the tour in just over a year, following Honda's departure. Without a doubt, Jay Monahan has a lot to think about. The PGA Tour also organizes an annual qualifying tournament (known by the nickname Q-School), which is held every fall over six rounds; the top twenty-five finishers win the right to play on the PGA Tour the following year.
The remaining players, if classified within seventy-fifth position, can instead participate in the Nationwide Tour. The top twenty-five in the Nationwide Tour money list also earn the right to play on the PGA Tour the following year.
A player who wins three tour tournaments in a year receives a "field promotion" that grants him participation on the PGA Tour for the remainder of the year. At the end of each season, the top one hundred and twenty-five players in the money list receive a "tour card" for the following year, which exempts them from qualifying for most tournaments.
However, at certain tournaments, known as invitationals, the exemption applies only to the top seventy in the previous year's rankings. Players ranked in positions 126 to 150 receive a conditional tour card, which gives them priority to replace players who decide not to participate in any tournament.