Goldman Sachs paid professional golfer Patrick Cantlay more than $1 million annually in a sponsorship deal linked to the bank’s consumer-banking efforts, CNBC has learned. A three-year deal signed by Cantlay in 2020 included a minimum of $1.1 million annually, with performance bonuses for major victories and maintaining a top ranking worth potentially far more.
Goldman opted not to renew Cantlay’s sponsorship this year in the latest example of the bank’s retrenchment from its retail banking push. After CEO David Solomon capitulated to demands to end the money-losing effort, the bank shut down a personal loan unit, shelved a planned checking account, and sold off businesses.
Initially, Cantlay wore a cap emblazoned with the bank’s short-lived Marcus brand, but that was replaced by the Goldman Sachs name after the bank’s president, John Waldron, pushed for the change. The first Cantlay deal was considered a relatively modest sum for a Top-10 ranked PGA golfer, but he got paid significantly more when Goldman renewed his sponsorship in a one-year extension earlier in 2023.
Goldman spokesman Tony Fratto declined to comment on the financial aspects of the sponsorship, as did Cantlay’s representative, Molly Levinson. Cantlay still appears on Goldman’s website as a brand ambassador, along with LGPA golfer Nelly Korda and McLaren’s Formula 1 racing team.
Patrick Cantlay, a professional golfer from the United States, has been in the spotlight after it was revealed that he was being paid over $1 million annually in a sponsorship deal with Goldman Sachs. The three-year deal signed in 2020 included a minimum of $1.1 million annually, with potential for additional bonuses.
However, Goldman decided not to renew Cantlay’s sponsorship in 2023, marking the bank’s step back from its retail banking push. After shutting down a personal loan unit and shelving a planned checking account, the bank is focusing on different areas. When Cantlay first signed the deal, he wore a cap with the bank’s Marcus brand, but later switched to the Goldman Sachs name.
While the financial details of the sponsorship have not been revealed, Cantlay still appears on Goldman’s website as a brand ambassador. This decision has attracted much attention within the golfing community.
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