Patrick Cantlay of the USA performs his shot from the 18th tee in the course of the last spherical of the Workday Charity Open on July 12, 2020 at Muirfield Village Golf Membership in Dublin, Ohio.
Sam Greenwood | Getty Pictures
Goldman Sachs paid skilled golfer Patrick Cantlay greater than $1 million yearly in a sponsorship deal linked to the financial institution’s consumer-banking efforts, CNBC has discovered.
A 3-year deal signed by Cantlay in 2020 included a minimal of $1.1 million yearly, in keeping with folks with data of the contract, with efficiency bonuses for PGA Tour and Main victories and hitting prime rankings value probably much more.
Goldman opted to not renew Cantlay’s sponsorship this yr within the newest instance of the financial institution’s retrenchment from its retail banking push. After CEO David Solomon capitulated to calls for to finish the money-losing effort, the financial institution shut down a private mortgage unit, shelved a deliberate checking account and bought off companies.
Cantlay initially wore a cap emblazoned with the financial institution’s short-lived Marcus model. That was changed by the Goldman Sachs identify after the financial institution’s president, John Waldron, mentioned to be a fan of the game, pushed for the change, mentioned one of many folks, who declined to be recognized talking about sponsorship offers.
The primary Cantlay deal was thought-about a comparatively modest sum for a Prime-10 ranked PGA golfer, largely as a result of his model was nonetheless rising when he was signed, in keeping with one of many folks.
He bought paid considerably extra when Goldman renewed his sponsorship in a one yr extension earlier in 2023, this particular person mentioned. Cantlay has earned greater than $42 million in official competitions since turning professional in 2012, in keeping with the PGA Tour.
Goldman spokesman Tony Fratto declined to touch upon the monetary facets of the sponsorship, as did Cantlay’s consultant Molly Levinson.
“We continually consider the agency’s partnerships, and at the moment, our brand will now not seem on his hat,” Fratto instructed The New York Occasions, which first reported that Goldman wasn’t renewing Cantlay.
Cantlay nonetheless seems on Goldman’s web site as a model ambassador, together with LGPA golfer Nelly Korda and McLaren’s System 1 racing group.