CHARLOTTE, N.C. -- The Wells Fargo Championship is not renewing its contract to host a PGA Tour event, ending 22 years on the schedule for what is now a signature event with a $20 million purse.
The tournament is held at Quail Hollow Club, which has hosted the PGA Championship and the Presidents Cup. It will be played for the final time next May.
"Wells Fargo is not renewing the Wells Fargo Championship as a Signature Event in 2025 and beyond," the company said in a statement, adding that it was proud of its history and the more than $30 million it has raised for charity.
Sports Business Journal reported last month a new funding model by the PGA Tour in which tournaments would put up more toward the purse. The publication reported Friday that Wells Fargo wanted to remain as a sponsor and raised the idea of dropping its signature event status to cut back on the price tag.
The tournament began in 2003 as the Wachovia Championship and was an immediate favorite among players for the golf course and the first-class treatment provided by the club.
The tour said it plans to remain in Charlotte and is actively meeting with potential title sponsors.