PGA Tour suffers another huge setback immediately after Jon Rahm's LIV Golf move
The PGA Tour has been dealt a financial blow immediately after Jon Rahm 's sensational switch to LIV Golf after Wells Fargo's decision to end its long-standing sponsorship of the tour's annual event in North Carolina.
On Thursday, Rahm became the latest star to jump ship from the PGA Tour for LIV Golf, the rival tour backed by Saudi Arabia's Public Investment Fund. The Spanish golfer agreed a deal that could be worth up to a whopping £450 million, marking perhaps the biggest win for the circuit since it burst onto the scene as a competitor to the PGA Tour.
After weeks of whispers, rumours about Rahm's impending move grew when his name was missing from entries to January's Amex PGA Tour event. As defending champion, it's usually expected that Rahm would participate at Torrey Pines, but the two-time major champion decided to seek greener pastures.
Adding to the drama, Wells Fargo announced on Friday that it will stop sponsoring the PGA Tour event in Charlotte next year. Wells Fargo and Co. and its predecessor, Charlotte-based Wachovia Corp., have been the title sponsor of the tournament since it started in 2003, with the current contract set to finish after the 2024 event to be held May 6-12 at Quail Hollow Club - the venue of the 2025 PGA Championship.
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This comes as another setback for PGA Tour commissioner Jay Monahan. Wells Fargo reportedly splashed out around £15 million for the event, but the cost for a title sponsor is likely to rocket to over £25 million.
Last year, the PGA Tour marked the Wells Fargo Championship as one of its standout events, doubling the prize money to £20 million to keep players from being lured by the inflated prize winnings at LIV Golf. The 2024 edition of the event will be a standout event once more, and will also feature a smaller group of players with no cut.
"Wells Fargo is not renewing the Wells Fargo Championship as a Signature Event in 2025 and beyond," the bank said in a statement. "To drive efficiency and support our business long term, we regularly review and adjust our overall sponsorship strategy."
Jon Rahm completed a stunning move to LIV Golf on Thursday (AP)"We are incredibly proud of the 20-plus year history of the championship. The tournament has generated significant local impact and delighted golf fans in Charlotte and across the country. Since 2003, the Wells Fargo Championship has generated more than $30 million in support of numerous charitable foundations."
The tournament kicked off in 2003 and quickly became a blueprint for other tournaments as it drew high praise from stars such as Tiger Woods, Phil Mickelson, and Rory McIlroy. However, the bank is no longer looking to sponsor the event amid PGA Tour turmoil.
Several reasons reportedly led to the decision to end the sponsorship, including uncertainty over the PGA Tour's long-term financial structure and the desire to spread sports sponsorship spending in the Charlotte region across several events rather than a single tournament. Kendall Alley, chairman of Champions for Education, the nonprofit that owns the tournament, expressed disappointment at the situation.
Alley insisted the future of professional golf lies with the revered Quail Hollow, adding: "The No. 1 thing you've got to have to have a golf tournament is a golf course."
* An AI tool was used to add an extra layer to the editing process for this story.
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