Goldman Sachs entered into a notable sponsorship deal with professional golfer Patrick Cantlay, compensating him with an annual sum exceeding $1 million, sources reveal. The three-year agreement, initiated in 2020, guaranteed Cantlay a minimum annual payment of $1.1 million, inclusive of performance bonuses linked to PGA Tour and Major victories, as well as achieving top rankings, potentially unlocking additional earnings.
The deal, which unfolded against the backdrop of Goldman’s consumer-banking endeavors, did not see a renewal in the current year, marking a strategic shift as the bank reevaluates its position in retail banking. Goldman Sachs, led by CEO David Solomon, recently scaled back its retail banking initiatives, discontinuing a personal loan unit, scrapping plans for a checking account, and divesting certain businesses deemed non-core.
Originally, Cantlay sported a cap featuring the short-lived Marcus brand associated with the bank. However, following a directive from Goldman Sachs President John Waldron, an avid golf enthusiast, the cap was replaced with the Goldman Sachs name. This adjustment reflected a shift in branding strategy within the sponsorship, demonstrating the bank’s dynamic approach to its association with the professional golfer.
The initial sponsorship deal with Cantlay was considered relatively moderate for a PGA Top-10 ranked golfer, primarily because Cantlay’s prominence was still ascending when the agreement was inked, sources suggest. Subsequently, when Goldman opted for a one-year extension of the sponsorship in 2023, Cantlay received a substantially increased compensation, reflecting his heightened status in the golfing world. Cantlay, who turned professional in 2012, has accumulated over $42 million in earnings from official competitions, according to PGA Tour records.
While specific financial details of the sponsorship arrangement remain undisclosed, both Goldman Sachs spokesman Tony Fratto and Cantlay’s representative Molly Levinson refrained from commenting on the financial aspects when approached for statements. Fratto, in response to inquiries, informed The New York Times that the Goldman Sachs logo would no longer be featured on Cantlay’s hat, signaling the conclusion of the sponsorship. The decision not to renew Cantlay’s sponsorship aligns with Goldman Sachs’ ongoing efforts to refine its business focus and optimize strategic partnerships.