Wells Fargo out as future sponsor of PGA Tour event at Quail Hollow

CHARLOTTE — Wells Fargo & Co. will end its sponsorship of the city’s annual PGA Tour event next year, the bank confirmed Friday afternoon.

San Francisco-based Wells Fargo & Co. and its predecessor, Charlotte-based Wachovia Corp., has served as title sponsor of the tournament from its inception in 2003. The current contract ends after the 2024 tournament, to be played May 6-12 at Quail Hollow Club.

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Turmoil within the PGA Tour and a proposed but tangled merger with Saudi Arabian sovereign investment fund that owns rival startup LIV Golf remains unresolved while costs continue to spiral as the two circuits have entered into bidding wars to attract top golfers to their events.

The nonprofit that owns the tournament wants to continue the event with a new sponsor if one can be secured, but Quail Hollow Club leadership will make the final decision.

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