Patrick Cantlay of the United States plays his shot from the 18 th tee throughout the last round of the Workday Charity Open on July 12, 2020 at Muirfield Village Golf Club in Dublin, Ohio.
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Goldman Sachs paid expert golf player Patrick Cantlay more than $1 million every year in a sponsorship offer connected to the bank’s consumer-banking efforts, CNBC has actually found out.
A three-year offer signed by Cantlay in 2020 consisted of a minimum of $1.1 million every year, according to individuals with understanding of the agreement, with efficiency bonus offers for PGA Tour and Major success and striking leading rankings worth possibly even more.
Goldman chose not to restore Cantlay’s sponsorship this year in the most recent example of the bank’s retrenchment from its retail banking push. After CEO David Solomon capitulated to needs to end the money-losing effort, the bank closed down an individual loan system, shelved a prepared bank account and sold organizations.
Cantlay at first used a cap emblazoned with the bank’s brief Marcus brand name. That was changed by the Goldman Sachs name after the bank’s president, John Waldron, stated to be a fan of the sport, promoted the modification, stated among individuals, who decreased to be recognized discussing sponsorship offers.
The very first Cantlay offer was thought about a fairly modest amount for a Top-10 ranked PGA golf player, mainly since his brand name was still increasing when he was signed, according to among individuals.
He made money considerably more when Goldman restored his sponsorship in a one year extension previously in 2023, this individual stated. Cantlay has actually made more than $42 million in main competitors considering that turning pro in 2012, according to the PGA Tour.
Goldman spokesperson Tony Fratto decreased to talk about the monetary elements of the sponsorship, as did Cantlay’s agent Molly Levinson.
“We constantly evaluate the firm’s partnerships, and at this time, our logo will no longer appear on his hat,” Fratto informed The New York Times, which initially reported that Goldman wasn’t restoring Cantlay.
Cantlay still appears on Goldman’s site as a brand name ambassador, in addition to LGPA golf player Nelly Korda and McLaren’s Formula 1 racing group.
