Truist to take over as sponsor of PGA Tour's Charlotte event

Field Level Media|published: 08/06/2024, 11:52am EDT

May 12, 2024; Charlotte, North Carolina, USA; Rory McIlroy acknowledges the gallery after his final putt and win during the final round of the Wells Fargo Championship golf tournament. Mandatory Credit: Jim Dedmon-USA TODAY Sports

Truist is taking over as the title sponsor of the PGA Tour's signature tour event in Charlotte, N.C., replacing fellow banking giant Wells Fargo.

The tour announced on Tuesday a seven-year agreement with the Charlotte-based bank to launch the Truist Championship, to be played at Quail Hollow Club beginning in 2026. The 2025 event will be held May 8-11 at the Philadelphia Cricket Club's Wissahickon Course in a one-time relocation as Quail Hollow will host the PGA Championship next spring.

The PGA Tour did not release any financial terms, but Truist's investment will be significant. Sports Business Journal reported Tuesday that Wells Fargo chose not to renew its sponsorship when the price tag to do so reached $22 million per year.

The Charlotte event is one of eight signature events on the PGA Tour and awards a big payday and 700 FedEx Cup points to the winner. Rory McIlroy won the 2024 tournament -- and $3.6 million -- in May.

"We are honored to be the title sponsor of the PGA Tour's Charlotte-based Signature Event and thrilled that Philadelphia and Charlotte, two vibrant growth markets for Truist, will be featured on the PGA Tour," said Truist chairman and CEO Bill Rogers. "We look forward to partnering with the PGA Tour to elevate this wonderful championship event and Truist's deep community impact, and to further fulfill our purpose to inspire and build better lives and communities."

--Field Level Media