- Goldman Sachs paid professional golfer Patrick Cantlay more than $1 million a year for the past four years in a sponsorship deal tied to the bank’s efforts in consumer banking.
- A deal Cantlay signed in 2020 included at least $1.1 million per year, plus performance bonuses for significant wins.
- A spokesman for Goldman declined to comment on the financial aspects of the sponsorship, as did a spokesman for Cantlay.
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 Paid Pro Golfer Patrick Candley more than $1 million annually in a sponsorship deal tied to the bank’s consumer banking efforts, according to CNBC.
A three-year deal Cantlay signed in 2020 included at least $1.1 million annually, according to people with knowledge of the contract, with performance bonuses for major wins and retaining a top ranking potentially worth much more.
Goldman chose not to renew Cantlay’s sponsorship this year in the latest example of the bank cutting back 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, scrapped a scheduled bank account and sold off businesses.
Cantlay originally wore a hat with the short-lived Marcus Bank trademark. That was replaced by the Goldman Sachs name after the bank’s chairman, John Waldron, who is 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 agreement was considered relevant modest total for a Top-10 ranked PGA golfer, mostly because his brand was still on the rise when he signed, according to one of the people.
He was paid much more when Goldman renewed his sponsorship for a one-year extension early in 2023, this person said. Cantlay has won more than $42 million in official fights since turning pro in 2012. according to the PGA Tour.
Goldman spokesman Tony Fratto declined to comment on the financial aspects of the sponsorship, as did a Cantlay spokesman. Molly Levinson.
“We’re constantly evaluating the company’s partnerships, and at this time, our logo will no longer appear on his hat,” Fratto told The New York Times, which first mentionted that Goldman was not renewing Cantlay;
Cantlay still appears at Goldman’s Website as a brand ambassador, along with the LGPA golfer Nellie Korda and McLaren’s Formula 1 races club.
