Truist named title sponsor of PGA TOUR's Charlotte-based Signature Event

Rhea-AI Summary

Truist Financial (NYSE: TFC) has been named the title sponsor of the PGA TOUR's Charlotte-based Signature Event, now called the Truist Championship. The seven-year agreement was announced on August 6, 2024. Quail Hollow Club will continue to be the primary host, except in 2025 when the event will be held at The Philadelphia Cricket Club due to Quail Hollow hosting the PGA Championship. The tournament is one of eight Signature Events on the PGA TOUR schedule, featuring top players and offering 700 FedExCup points to the winner. It has raised over $30 million for charitable organizations throughout its history.

Positive

• Seven-year title sponsorship agreement with PGA TOUR for a Signature Event
• Event to be held in two key growth markets for Truist: Philadelphia and Charlotte
• Opportunity for business networking and community engagement
• Association with a prestigious golf tournament that has raised over $30 million for charity

Negative

• None.

Financial Analyst

The Truist Championship sponsorship represents a significant marketing investment for Truist Financial (NYSE: TFC). While specific financial terms weren't disclosed, title sponsorships for PGA TOUR events typically range from $8 million to $15 million annually. This seven-year commitment suggests a total investment potentially exceeding $100 million.

For Truist, this deal offers valuable brand exposure in key markets (Charlotte and Philadelphia) and aligns with their community-focused strategy. The partnership could drive client acquisition and retention, particularly among high-net-worth individuals. However, investors should monitor the ROI of this significant marketing spend, especially in the current economic climate where banks face pressure on margins.

Sports Marketing Expert

This deal marks a strategic shift in the PGA TOUR's sponsorship landscape. By securing a major financial institution for a Signature Event, the TOUR strengthens its position in the competitive golf market. The seven-year term provides stability and allows for long-term planning and investment in the event.

The rotation between Charlotte and Philadelphia is an interesting move, potentially broadening the event's appeal and sponsor reach. This format could become a template for future TOUR events, balancing tradition with the need to access new markets. The challenge will be maintaining consistency and fan engagement across different venues. Overall, this partnership demonstrates the continued attractiveness of golf as a marketing platform for financial services companies.

Market Research Analyst

This sponsorship aligns with Truist's brand positioning strategy following the BB&T and SunTrust merger. By associating with a prestigious PGA TOUR event, Truist aims to elevate its brand perception among affluent consumers and business clients. The deal provides a platform to showcase Truist's commitment to community impact and innovation, key pillars of their brand identity.

The multi-market approach, featuring both Charlotte and Philadelphia, allows Truist to reinforce its presence in its home market while expanding visibility in a growth region. This could support customer acquisition efforts and help Truist compete against larger national banks. However, the success of this strategy will depend on Truist's ability to activate the sponsorship effectively and create meaningful connections with the target audience beyond mere logo placement.

With Quail Hollow Club set to host the PGA Championship in 2025, Truist Championship to be played at The Philadelphia Cricket Club next year and return to Charlotte in 2026  

CHARLOTTE, N.C. and PONTE VEDRA BEACH, Fla., Aug. 6, 2024 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC), Quail Hollow Club and the PGA TOUR today announced a seven-year agreement for Truist to become title sponsor of the PGA TOUR's Charlotte, North Carolina, event — renamed the Truist Championship. The announcement was held at the Truist Innovation & Technology Center in Charlotte with Truist Chairman and CEO Bill Rogers, PGA TOUR Commissioner Jay Monahan, Quail Hollow Club President Johnny Harris and Philadelphia Cricket Club President Tom Sheridan. 

Quail Hollow Club will continue to be the primary host facility for the event, with the exception being 2025 due to the club hosting the PGA Championship for the second time. The 2025 Truist Championship will be May 5-11 at The Philadelphia Cricket Club's Wissahickon Course. Tickets will go on sale near the end of this year at TruistChampionship.com. 

One of eight Signature Events on the PGA TOUR schedule featuring the TOUR's top players and FedExCup points (700 points to the winner), the tournament has raised more than $30 million for charitable organizations over its history.

"We are honored to be the title sponsor of the PGA TOUR's Charlotte-based Signature Event and thrilled that Philadelphia and Charlotte, two vibrant growth markets for Truist, will be featured on the PGA TOUR," said Truist Chairman and CEO Bill Rogers. "We look forward to partnering with the PGA TOUR to elevate this wonderful championship event and Truist's deep community impact, and to further fulfill our purpose to inspire and build better lives and communities." 

"We are delighted to welcome Truist to the PGA TOUR family as the new title sponsor of the Truist Championship, a Signature Event that has continued to grow in size and stature since its introduction to the golf calendar more than two decades ago," said PGA TOUR Commissioner Jay Monahan. "Starting in year one at The Philadelphia Cricket Club followed by an extended run at the Quail Hollow Club, the Truist Championship will be a best-in-class experience for fans thanks to the support of a hometown title sponsor that holds a vested interest in positively impacting its local communities."

The introduction of the Truist Championship is Truist's latest pledge to develop a purpose-driven partnership that will foster competition, camaraderie and meaningful charitable impact. Truist's unrivaled commitment to inspiring and building better lives and communities, especially within its hometown Charlotte market, will be on full display for clients, teammates, patrons and volunteers on the historic grounds of Quail Hollow Club and The Philadelphia Cricket Club. Truist will capitalize on its investment with the PGA TOUR to create business networking opportunities, community experiences and programs focused on meeting critical needs across the greater Philadelphia and Charlotte regions. 

Quail Hollow Club was originally designed by famed golf course architect George Cobb in 1961 to capture the beauty as well as challenging terrain of the Piedmont region. In the intervening years, the course has undergone a series of improvements, including modifications to several holes by Arnold Palmer in 1986, a redesign by Tom Fazio in 1997 and modifications by Fazio to several holes in the summer of 2016. It is home to the "Green Mile" — a three-hole closing stretch that ranks among the most difficult on the PGA TOUR. Quail Hollow Club has played host to a PGA Championship (2017) and a Presidents Cup (2022), along with the Kemper Open from 1969 to 1979.

"It has long been the goal of Quail Hollow Club to welcome the best players in the world to the city of Charlotte. While we continue to prepare for next year's PGA Championship, we also look forward to 2026 when the club and community turn the page to the next chapter of professional golf in the Queen City," said Quail Hollow Club President Johnny Harris. "We look forward to the partnership with Truist and the PGA TOUR and are grateful for their shared commitment to both Charlotte and the game of golf."

The Wissahickon Course at The Philadelphia Cricket Club was designed by A.W. Tillinghast, who collaborated with fellow club members George Thomas and William Flynn who collectively would become three of the most respected American golf course architects of their time. The Wissahickon course opened for play in 1922 and was restored by Keith Foster in 2013-2014 to highlight the strategic bunkering, contoured greens and narrow fairways of Tillinghast's original design. Wissahickon has hosted a number of premier national and regional events, including the 2016 Senior Players Championship, won by Bernhard Langer. 

"The Philadelphia Cricket Club is proud to partner with Truist and the PGA TOUR to host this Signature Event in Philadelphia," said Philadelphia Cricket Club President Tom Sheridan. "The 2025 Truist Championship will bring the 70 best golfers in the world back to Philadelphia which has a rich golf history and played a pivotal role in the evolution of this great game on a national level."

The Truist Championship will be operated by the PGA TOUR's Championship Management division, which runs numerous tournaments, including THE PLAYERS Championship, the TOUR Championship and Presidents Cup. 

About PGA TOUR
By showcasing golf's greatest players, the PGA TOUR engages, inspires and positively impacts our fans, partners and communities worldwide.

The PGA TOUR, headquartered in Ponte Vedra Beach, Florida, co-sanctions tournaments on the PGA TOUR, PGA TOUR Champions, Korn Ferry Tour, PGA TOUR Americas and administers PGA TOUR Q-School presented by Korn Ferry and PGA TOUR University. TOUR members represent the world's best players, hailing from 30 countries and territories. Showcasing the biggest moments in the sport with history and legacy on the line, the PGA TOUR has long-term domestic distribution partnerships for broadcast coverage on CBS, NBC and Golf Channel and video streaming service on ESPN+. Internationally, PGA TOUR coverage is available across 200+ countries and territories in 28 languages via 44 broadcast and digital partners. Virtually all tournaments are organized as nonprofit organizations to maximize charitable giving, and to date, tournaments across all Tours have generated more than $3.93 billion. 

Fans can follow the PGA TOUR on the new PGA TOUR app and PGATOUR.COM, and on social media channels, including Facebook, Instagram (in Spanish, Korean and Japanese), LinkedIn, TikTok, X (in English, Spanish and Japanese), WhatsApp (in English and Spanish), WeChat, Weibo, Toutiao and Douyin. 

About Quail Hollow Club 
Founded in 1959, Quail Hollow Club is a private golf club that has hosted some of the game's greatest players and events. Located in the southern suburbs of Charlotte, North Carolina, Quail Hollow has hosted PGA TOUR events since 2003, as well as the 2017 PGA Championship and the 2022 Presidents Cup, with the PGA Championship scheduled to return May 15-18, 2025. For more information, visit www.quailhollowclub.com. 

About The Philadelphia Cricket Club
Founded in 1854, The Philadelphia Cricket Club is the nation's oldest country club with a rich sporting heritage initially focused on the sport of Cricket. Tennis was added in 1883 and golf began in 1895. The Philadelphia Cricket Club is the only club in the United States to celebrate the opening of a golf course in three different centuries. The Philadelphia Cricket Club is a sought-after venue for prestigious events, solidifying its reputation as a cornerstone of sporting excellence. In 2023, Club + Resort ranked The Philadelphia Cricket Club the number one racquet facility in the United States. The Cricket Club has hosted notable tournaments and championships, including the 1907 and 1910 US Open Golf Championships, the USGA 2024 U.S. Amateur Four-Ball Championship, the 2019 Big Ten Championship, the 2016 Constellation Senior Players Championship, the 2015 PGA Professional National Championship, the PSA Bronze event "The Chestnut Hill Classic" in 2023 and 2024, and numerous national grass tennis court championships and upcoming events such as three USTA men's National grass Court championship events in August, 2024, the 2025 APTA National Championship and the 2025 PGA TOUR Truist Championship. For more information visit www.philacricket.com.

About Truist 
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. As a leading U.S. commercial bank, Truist has leading market share in many of the high-growth markets across the country. Truist offers a wide range of products and services through our wholesale and consumer businesses, including consumer and small business banking, commercial banking, corporate and investment banking, wealth management, payments, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top-10 commercial bank with total assets of $520 billion as of June 30, 2024. Truist Bank, Member FDIC. Learn more at Truist.com.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/truist-named-title-sponsor-of-pga-tours-charlotte-based-signature-event-302215055.html

SOURCE Truist Financial Corporation

FAQ

When does Truist's sponsorship of the PGA TOUR event in Charlotte begin?

Truist's sponsorship of the PGA TOUR event in Charlotte, now called the Truist Championship, begins with the announcement made on August 6, 2024.

Where will the 2025 Truist Championship be held and why?

The 2025 Truist Championship will be held at The Philadelphia Cricket Club's Wissahickon Course from May 5-11, because Quail Hollow Club will be hosting the PGA Championship that year.

How many FedExCup points does the winner of the Truist Championship receive?

The winner of the Truist Championship receives 700 FedExCup points, as it is one of eight Signature Events on the PGA TOUR schedule.

How much money has the tournament raised for charitable organizations?

The tournament has raised more than $30 million for charitable organizations over its history.