Patrick Cantlay of america plays his shot from the 18th tee throughout the final round of the Workday Charity Open on July 12, 2020 at Muirfield Village Golf Club in Dublin, Ohio.
Sam Greenwood | Getty Images
Goldman Sachs paid skilled golfer Patrick Cantlay greater than $1 million annually in a sponsorship deal linked to the bank’s consumer-banking efforts, CNBC has learned.
A 3-year deal signed by Cantlay in 2020 included a minimum of $1.1 million annually, in accordance with individuals with knowledge of the contract, with performance bonuses for PGA Tour and Major victories and hitting top rankings price potentially way more.
Goldman opted to not renew Cantlay’s sponsorship this yr in the newest example of the bank’s retrenchment from its retail banking push. After CEO David Solomon capitulated to demands to finish the money-losing effort, the bank shut down a private loan unit, shelved a planned checking account and sold off businesses.
Cantlay initially wore a cap emblazoned with the bank’s short-lived Marcus brand. That was replaced by the Goldman Sachs name after the bank’s president, John Waldron, said to be a fan of the game, pushed for the change, said considered one of the people, who declined to be identified speaking about sponsorship deals. Â
The primary Cantlay deal was considered a comparatively modest sum for a Top-10 ranked PGA golfer, mostly because his brand was still rising when he was signed, in accordance with considered one of the people.
He got paid significantly more when Goldman renewed his sponsorship in a one yr extension earlier in 2023, this person said. Cantlay has earned greater than $42 million in official competitions since turning pro in 2012, in accordance with the PGA Tour.
Goldman spokesman Tony Fratto declined to comment on the financial elements of the sponsorship, as did Cantlay’s representative Molly Levinson.
“We always evaluate the firm’s partnerships, and at the moment, our logo will now not appear on his hat,” Fratto told The Recent York Times, which first reported that Goldman wasn’t renewing Cantlay. Â
Cantlay still appears on Goldman’s website as a brand ambassador, together with LGPA golfer Nelly Korda and McLaren’s Formula 1 racing team.
