News & ToursAugust 3, 2010

Wells Fargo replaces Quail Hollow in title

Wells Fargo announced Tuesday that it will become the title sponsor of the event it was attempting to sponsor in anonymity in the wake of the controversy surrounding banks that accepted Troubled Assets Relief Program (TARP) money and were involved in the PGA Tour.

The Quail Hollow Championship henceforth will be known as the Wells Fargo Championship.

In April, Bloomberg's Michael Buteau wrote this about the Quail Hollow Championship:

"While the bank continues to pay about $7 million a year to sponsor the Charlotte event on the U.S. PGA Tour, the company's name remains off the tournament for the second year in a row, and its logo is almost non-existent at the Quail Hollow Club.

"The decision to keep a low profile is one the company and professional golfers say is still necessary due to scrutiny surrounding the world's financial institutions that came as failed mortgage loans and securities contributed to the worst recession since the Great Depression."

-- John Strege

More from The Loop