Patrick Cantlay of the US performs his shot from the 18th tee throughout the ultimate spherical of the Workday Charity Open on July 12, 2020 at Muirfield Village Golf Membership in Dublin, Ohio.
Sam Greenwood | Getty Photographs
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 realized.
A 3-year deal signed by Cantlay in 2020 included a minimal of $1.1 million yearly, in accordance with individuals with information of the contract, with efficiency bonuses for main victories and sustaining a prime rating value doubtlessly 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 offered 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, stated to be a fan of the game, pushed for the change, stated one of many individuals, who declined to be recognized talking about sponsorship offers.
The primary Cantlay deal was thought of a comparatively modest sum for a High-10 ranked PGA golfer, largely as a result of his model was nonetheless rising when he was signed, in accordance with one of many individuals.
He bought paid considerably extra when Goldman renewed his sponsorship in a one yr extension earlier in 2023, this particular person stated. Cantlay has earned greater than $42 million in official competitions since turning professional in 2012, in accordance with the PGA Tour.
Goldman spokesman Tony Fratto declined to touch upon the monetary elements of the sponsorship, as did Cantlay’s consultant Molly Levinson.
“We continuously consider the agency’s partnerships, and presently, our brand will not seem on his hat,” Fratto informed The New York Instances, 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 Formulation 1 racing crew.
