Professional golfer Patrick Cantlay was paid over $1 million a year by Goldman Sachs, according to sources.
According to CNBC, Goldman Sachs has been paying professional golfer Patrick Cantlay over $1 million a year in sponsorship fees related to the bank’s consumer banking initiatives.
According to people with knowledge of the pact, Cantlay signed a three-year contract in 2020 that guaranteed him at least $1.1 million a year. Performance bonuses for PGA Tour and Major victories, as well as ranking highly, might have been worth much more.
This year, Goldman decided not to extend its sponsorship of Cantlay, which is the most recent indication of the bank’s retreat from its drive into retail banking. CEO David Solomon gave in to pressure to stop the money-losing endeavor, and as a result, the bank sold off businesses, closed its personal lending division, and shelved its intended checking account.
At first, Cantlay donned headgear with the bank’s short-lived Marcus brand on it. One of the sources, who wished to remain anonymous while discussing sponsorship agreements, claimed that the Goldman Sachs name took its place when bank president John Waldron, who is rumored to be a sports aficionado, lobbied for the change.
One of the people said that Cantlay’s initial contract was viewed as a very small amount for a player rated in the Top 10 on the PGA Tour, mostly because his brand was still developing at the time of his signing.
According to this source, he received a substantial pay increase when Goldman extended his sponsorship for an additional year earlier in 2023. Since becoming professional in 2012, Cantlay has earned almost $42 million in official events, according to the PGA Tour.
Both Cantlay’s agent, Molly Levinson, and Goldman spokesperson, Tony Fratto, declined to comment on the sponsorship’s financial details.
“We continually assess the company’s alliances, and presently, our emblem will not be seen on his cap,” Fratto said to The New York Times, which broke the first news that Goldman was not going to renew Cantlay’s contract.
Cantlay continues to be featured as a brand ambassador on Goldman’s website, alongside the Formula 1 racing team of McLaren and LGPA golfer Nelly Korda.
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