Truist Financial will replace Wells Fargo as the title sponsor of the PGA Tour’s stop at the Quail Hollow Club, signing a seven-year deal expected to top $150 million.
A press conference at bank headquarters in Charlotte featuring Truist CEO Bill Rogers, Quail Hollow Club President Johnny Harris and PGA Tour Commissioner Jay Monahan confirmed the Charlotte-based bank’s commitment to the new Truist Championship.
Its title sponsor since 2003 had been Wachovia or successor Wells Fargo, which chose not to renew last year as part of an effort to reduce costs. The Sports Business Journal reported that Truist was taking over the sponsorship in May, but Truist didn’t confirm the news until Tuesday.
No financial details were disclosed by Truist, but the going rate for title sponsorships of major tournaments is in the $27 million range, according to various media reports. Wells Fargo paid about $15 million a year, the Charlotte Business Journal has reported.
Quail Hollow Club will continue to be the primary host facility for the event, though next year’s tournament will be held May 5-11 at The Philadelphia Cricket Club’s Wissahickon Course. The following week, Quail Hollow is hosting the PGA Championship, one of the tour’s four major tournaments.
One of eight Signature Events on the PGA Tour schedule featuring the Tour’s top players and FedExCup points, the Charlotte tournament has raised more than $30 million for charitable organizations over its history.
“We are honored to be the title sponsor of the PGA Tour’s Charlotte-based Signature Event and thrilled that Philadelphia and Charlotte, two vibrant growth markets for Truist, will be featured on the PGA Tour,” says Rogers. “We look forward to partnering with the PGA Tour to elevate this wonderful championship event and Truist’s deep community impact, and to further fulfill our purpose to inspire and build better lives and communities.”
Monahan says the tour is excited to welcome Truist as a title sponsor. In an interview after the announcement, he said the PGA Tour has a full list of title sponsors for its 2025 schedule and remains robust amid the departure of several top players to the LIV Tour, which is sponsored by Saudi Arabian interests.
Truist wants to build on Wells Fargo’s tradition and make the tournament relevant to both golf and non-golf fans in Charlotte and the region, Rogers said. The company chose the Queen City as its headquarters in 2019 after the merger of Winston-Salem-based BB&T and Atlanta-based SunTrust Banks. The merger hasn’t been a success for investors with the pandemic, stiff competition and combination-related issues prompting a decline in Truist’s stock market value over the past five years.
Last year, the sixth-largest U.S. bank said it planned to cut about $750 million a year in expenses to become more competitive. As recently as last month, Truist announced layoffs in its technology department. The company has also cut management layers and closed branches.
Truist officials say its investment in the PGA Tour event will “create business networking opportunities, community experiences and programs focused on meeting critical needs across the greater Philadelphia and Charlotte regions.”
Quail Hollow Club leader Harris praised Truist for stepping up to sponsor the tournament, which he said was a key economic driver for the region. His father, James Harris, was among the Charlotte leaders who worked with Arnold Palmer to create the course, which was designed by George Cobb in 1961. Over the years, it has become a favorite stop for PGA Tour players, drawn by increasingly large payouts. It’s among the state’s most elite golf courses with fewer than 500 members
Quail Hollow Club has played host to a PGA Championship (2017) and a Presidents Cup (2022), along with the Kemper Open from 1969 to 1979.
“We look forward to the partnership with Truist and the PGA Tour and are grateful for their shared commitment to both Charlotte and the game of golf,” Harris said.
Truist chose Philadelphia as the site for its first title sponsor tournament because of its strong business ties in the Pennsylvania city and the opportunity to host the first PGA Tour event at the Cricket Club course. Wissahickon has hosted national and regional events, including the 2016 Senior Players Championship
PGA Tour’s Championship Management division will operate the Charlotte tournament.