Golf Star Patrick Cantlay's Million-Dollar Goldman Sponsorship Reportedly Concludes As Bank Refocuses Consumer Division

Goldman Sachs Group, Inc. GS reportedly paid professional golfer Patrick Cantlay over $1 million annually in a sponsorship deal linked to the bank's consumer banking efforts.

A three-year contract signed by Cantlay in 2020 included a minimum of $1.1 million annually, CNBC reported, citing people with knowledge of the contract.

The payment comes with performance bonuses for PGA Tour and Major victories and hitting top rankings worth potentially far more.

However, the report added that the banking behemoth opted not to continue Cantlay's sponsorship this year.

Following CEO David Solomon's decision to yield to pressures to halt unprofitable ventures, the bank closed its personal loan division, abandoned plans for a new checking account, and divested several businesses.

The initial deal with Cantlay was seen as a "relatively modest" amount for a PGA golfer ranked in the Top-10, mainly because his brand was in the process of gaining prominence at the time of his signing, the CNBC report added.

When Goldman renewed Cantlay's sponsorship with a one-year extension earlier in 2023, his compensation was significantly higher, as reported by CNBC. 

According to PGA Tour data, Cantlay has accumulated over $42 million in earnings from official competitions since turning professional in 2012, the report read.

Cantlay initially wore a cap embellished with the bank’s short-lived Marcus label, it added.

"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, as noted by CNBC.

However, Cantlay continues to be featured as a brand ambassador on Goldman's website, alongside LPGA golfer Nelly Korda and the McLaren Formula 1 racing team.

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Price Action: GS Shares are reportedly trading lower by 0.10% to $338.29 on the last check Friday. 

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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