Truist in Race for Wells Fargo Championship Title Rights

Author:

Olivia Phillips

|Published: March 14th, 2024

Charlotte-based Truist Financial Corp is among several banking and insurance firms vying for the title sponsorship of the PGA Tour's Wells Fargo Championship.

Various bidders, including Truist, aim to retain the event in Charlotte, recognized as a key financial center in the US.

Valued at nearly $50 billion on the New York Stock Exchange, Truist previously sponsored the Carolinas Open in 2021, represented by Excel Sports Management in negotiations.

As reported by the US-based Sports Business Journal, TIAA, a New York-based insurance company, is also competing for the title rights.

Wells Fargo has been the event's title sponsor since 2009, but announced it would not renew the contract in December.

The bidders are prepared to meet the $25 million to $26 million asking price for the event hosted at the Quail Hollow Club, part of the PGA Tour's signature events.

Truist ranks as the second-largest bank in Charlotte by local deposits, according to June 2022 figures from the Charlotte Business Journal.

Despite speculation, Denver-based retirement planning company Empower is not in the running for the title sponsorship.

The PGA Tour is exploring options to make the Charlotte tournament part of its Championship Management operation.