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Patrick Cantlay of the United States plays his shot from the 18th tee in the course of the final spherical of the Workday Charity Open on July 12, 2020 at Muirfield Village Golfing Club in Dublin, Ohio.
Sam Greenwood | Getty Photos
Goldman Sachs compensated qualified golfer Patrick Cantlay far more than $1 million every year in a sponsorship offer connected to the bank’s shopper-banking endeavours, CNBC has learned.
A 3-calendar year offer signed by Cantlay in 2020 included a bare minimum of $1.1 million per year, in accordance to folks with information of the agreement, with effectiveness bonuses for important victories and sustaining a major position worth most likely much more.
Goldman opted not to renew Cantlay’s sponsorship this yr in the hottest instance of the bank’s retrenchment from its retail banking force. Just after CEO David Solomon capitulated to demands to close the income-losing effort and hard work, the bank shut down a private loan unit, shelved a planned examining account and marketed off organizations.
Cantlay originally wore a cap emblazoned with the bank’s shorter-lived Marcus brand. That was replaced by the Goldman Sachs title following the bank’s president, John Waldron, explained to be a admirer of the sport, pushed for the adjust, said one of the folks, who declined to be recognized speaking about sponsorship offers.
The initial Cantlay offer was considered a fairly modest sum for a Top rated-10 ranked PGA golfer, generally for the reason that his manufacturer was still soaring when he was signed, in accordance to 1 of the people today.
He received paid out substantially far more when Goldman renewed his sponsorship in a a single yr extension earlier in 2023, this individual said. Cantlay has attained additional than $42 million in official competitions given that turning professional in 2012, in accordance to the PGA Tour.
Goldman spokesman Tony Fratto declined to comment on the financial features of the sponsorship, as did Cantlay’s agent Molly Levinson.
“We consistently evaluate the firm’s partnerships, and at this time, our brand will no more time show up on his hat,” Fratto instructed The New York Times, which initially claimed that Goldman wasn’t renewing Cantlay.
Cantlay still seems on Goldman’s internet site as a model ambassador, alongside with LGPA golfer Nelly Korda and McLaren’s Formulation 1 racing crew.
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