Wells Fargo will reportedly end its long-running sponsorship of one of the PGA Tour's signature events in another damaging blow to the Tour.
The financial services company has served as the title sponsor for the Wells Fargo Championship since its inception in 2011, but will not renew its contract which is due to expire at the end of next season.
The decision comes amid the rising costs of hosting premier events on the PGA Tour. Signature events saw prize purses rise to $20million starting this season, with recent reports suggesting that the Tour is set to ask for further financial contributions towards purses starting in 2025.
In a widely shared statement, Wells Fargo said: "Wells Fargo is not renewing the Wells Fargo Championship as a Signature Event in 2025 and beyond.
"We are incredibly proud of the 20+ 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."
Wyndham Clark is the current defending champion, with the American claiming his first PGA Tour win at the event last year. He would then go on to win the US Open and his first Major championship just a few months later.
According to the Sports Business Journal, Wells Fargo made an offer in excess of $20m to host the tournament and even proposed dropping to a regular Tour event, rather than a signature event, to maintain its title sponsorship.
This announcement comes just one day after Jon Rahm's huge departure to LIV Golf and will no doubt intensify pressure and concern on the long-term financial security of the PGA Tour.
The policy board is still trying to reach a merger agreement with Saudi Arabia's Public Investment before the self-imposed December 31 deadline, with commissioner Jay Monahan and PIF's chairman Yasir Al-Rumayyan set for crunch talks next week.
