The Quail Hollow Championship, once the Wachovia, has a new name – the Wells Fargo Championship.
The Quail Hollow Championship, previously called the Wachovia Championship, has a new name – the Wells Fargo Championship.
And that’s official.
It was confirmed this week by David Carroll, head of the wealth, brokerage and retirement divisions of Wells Fargo, who said: “This is a real source of pride for our employees and our team members and it’s been so good for Charlotte.
“It’s a wonderful advertising and branding opportunity for Wells Fargo. The fan base for golf is so aligned with so many of our customers and there’s the $11 million we’ve generated for Teach For America and other charities.”
A tournament that began as the Wachovia Championship in 2003 switched names to the Quail Hollow Championship in 2008 when, along with many other US financial institutions, Wachovia ran into trouble in 2008 and was purchased by the Wells Fargo banking organisation.
Wells Fargo were reluctant to renege on the ongoing tournament contract Wachovia had with the PGA Tour, but because there was much public criticism by the public of banks who sponsored sporting events at a moment in time when many of them were being bailed out with tax payers money, they decided to go under cover and keep the tournament alive without trumpeting the fact that they were the event’s sponsors.
Now, after reassessing their position in the light of the improving US economy , Wells Fargo are ready to proudly proclaim their involvement and what is more, they have stressed that the company would honor their sponsorship contract, estimated to be worth between $5m and $7m annually, with the Quail Hollow Golf Club and the PGA Tour at least until its current expiry date in 2014.
“The last couple of years have been tumultuous in almost every regard,” Carroll told the Charlotte Observer.
Carroll said adding the Wells Fargo name to the tournament will be noticeable when the tournament returns next May, but added, “It will be within the confines of good taste.
“It’s going to be clear this is a Wells Fargo-sponsored event, but it’s not going to look like center field at a Little League baseball park. It’s going to be tasteful and stick to the standards we’ve established,” Carroll said.
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