Major name change coming for the Wells Fargo Championship

What’s happening: Wells Fargo decided not to renew its sponsorship of the annual golf tournament.

Why it matters: The Wells Fargo Championship has helped put Charlotte on the map as a golf destination for major events like the Presidents Cup and the PGA Championship.

• It will host the latter again in 2025.

Context: The PGA Tour event in Charlotte began in 2003 as the Wachovia Championship. It was briefly called the Quail Hollow Championship before changing to its current name, which stems from Wells Fargo’s 2008 acquisition of Wachovia.

What they’re saying: “To drive efficiency and support our business long-term, we regularly review and adjust our overall sponsorship strategy,” Wells Fargo said in a statement.

• Departing as a sponsor doesn’t impact Wells Fargo’s commitment to the region, the statement said.
• More than 27,000 Wells Fargo employees live in the greater Charlotte area, making it the San Francisco-based bank’s largest employee base.

Between the lines: Wells Fargo wouldn’t elaborate on the reasons behind its decision.

Flashback: Last summer, the PGA Tour and rival LIV Golf, the Saudi-backed tour, agreed to merge, a deal that shocked the sports world, Axios reported.

What’s next: The Wells Fargo Championship is scheduled for May 6-12 at Quail Hollow Club.

• Quail Hollow Club leadership will ultimately decide whether or not the tournament continues, per CBJ.

Of note: Earlier this week, PENN Sports Interactive’s ESPN BET, an online sports betting platform, was named the exclusive betting operator of the Wells Fargo Championship. ESPN BET will also be a Wells Fargo Championship sponsor.

• Quail Hollow Club was the second of North Carolina’s eight facilities eligible to operate in-person sports books to announce a betting partner. Spectrum Center, home of the Charlotte Hornets, was the first.