CHARLOTTE, N.C. — Bank on it: the Wells Fargo Championship is sticking around. On Tuesday afternoon at Quail Hollow Club, in a bank-sponsored hospitality area near the first tee, executives from Wells Fargo, the PGA Tour and the club disclosed a five-year contract extension that will keep the tournament in Charlotte through 2024.
Terms of the agreement weren’t disclosed, but Wells Fargo in recent years has spent $10 million to $12 million annually as the title sponsor. That amount includes related and required commitments to buy advertising as part of the national TV broadcast on Golf Channel and CBS. A new contract means higher sponsor fees for the bank.
A source with knowledge of the agreement said the new contract is in the same range with annual increases of 3% to 5%. The 2019 tournament starts Thursday and ends Sunday.
“What I’m proud to say today is that we will be continuing professional golf in Charlotte for the next five years with the renewal of the Wells Fargo Championship,” Kendall Alley, the bank’s Charlotte market president, said Tuesday. He called Quail Hollow “one of the finest facilities in America for golf. ... You can see the level of investment, the level of commitment and the kind of beauty that it is.”
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