Goldman Sachs paid pro golfer Patrick Cantlay more than $1 million annually, sources say

Goldman Sachs paid pro golfer Patrick Cantlay more than  million annually, sources say


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 professional golfer Patrick Cantlay more than $1 million annually in a sponsorship deal linked to the bank’s consumer-banking efforts, CNBC has learned.

A three-year deal signed by Cantlay in 2020 included a minimum of $1.1 million annually, according to people with knowledge of the contract, with performance bonuses for major victories and maintaining a top ranking worth potentially far more.

Goldman opted not to renew Cantlay’s sponsorship this year in the latest example of the bank’s retrenchment from its retail banking push. After CEO David Solomon capitulated to demands to end the money-losing effort, the bank shut down 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 the Goldman Sachs name after the bank’s president, John Waldron, said to be a fan of the sport, pushed for the change, said one of the people, who declined to be identified speaking about sponsorship deals.  

The first Cantlay deal was considered a relatively modest sum for a Top-10 ranked PGA golfer, mostly because his brand was still rising when he was signed, according to one of the people.

He got paid significantly more when Goldman renewed his sponsorship in a one year extension earlier in 2023, this person said. Cantlay has earned more than $42 million in official competitions 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 Cantlay’s representative Molly Levinson.

“We constantly evaluate 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 wasn’t renewing Cantlay.  

Cantlay still appears on Goldman’s website as a brand ambassador, along with LGPA golfer Nelly Korda and McLaren’s Formula 1 racing team.



Source

Lululemon is partnering with the NFL to release apparel for all 32 teams
Business

Lululemon is partnering with the NFL to release apparel for all 32 teams

Sign at the entrance to the Lululemon store in Midtown Manhattan. Erik Mcgregor | Lightrocket | Getty Images Lululemon is partnering with the NFL to launch an apparel collection featuring the logos of all 32 NFL teams. It will mark the first time the retailer has offered officially licensed products for the NFL or any […]

Read More
American Airlines is arriving late to the luxury travel boom. Can it catch up?
Business

American Airlines is arriving late to the luxury travel boom. Can it catch up?

An American Airlines Airbus A321 taxis at San Diego International Airport as a United Airlines airplane departs on August 24, 2024 in San Diego, California. Kevin Carter | Getty Images News | Getty Images FORT WORTH, Texas — American Airlines started pouring customers Champagne Bollinger in its top-tier lounges and cabins this fall. But at […]

Read More
One in three Manhattan condo owners lost money when they sold in the last year
Business

One in three Manhattan condo owners lost money when they sold in the last year

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. More than a third of the condo apartments sold in Manhattan over roughly the past year sold at a loss, although the top end of […]

Read More