Patrick Cantlay of the United States plays his shot from the 18th tee during 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 has paid pro golfer Patrick Cantlay more than $1 million annually in a sponsorship deal tied to the bank’s consumer banking efforts, CNBC has learned.
A three-year deal Cantlay signed in 2020 included a minimum of $1.1 million annually, according to people with knowledge of the contract, with performance bonuses for major wins and top-ranking retention worth potentially much more.
Goldman chose not to renew Cantlay’s sponsorship this year in the latest example of the bank’s retreat from its retail banking push. After CEO David Solomon capitulated to demands to end the money-losing effort, the bank closed a personal 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 Goldman Sachs’ name after the bank’s chairman, John Waldron, said to be a fan of the sport, pushed for the change, said one of the people, who declined to be identified talking about sponsorship deals.
The first Cantlay deal was considered a relatively modest sum for a Top-10-ranked PGA golfer, largely because his brand continued to rise when he was signed, according to one of the people.
He was paid significantly more when Goldman renewed his sponsorship for a one-year extension earlier in 2023, this person said. Cantlay has won more than $42 million in official tournaments since turning pro in 2012, according to the PGA Tour.
Goldman representative Tony Fratto declined to comment on the financial aspects of the sponsorship, as did Cantlay representative Molly Levinson.
“We are constantly evaluating the firm’s partnerships, and at this time, our logo will no longer appear on his hat,” Fratto told The New York Times, which first reported that Goldman had not renewed Cantlay.
Cantlay continues to appear on Goldman’s website as a brand ambassador, alongside LGPA golfer Nelly Korda and the McLaren Formula 1 racing team.
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