PGA Tour loses a signature event. Wells Fargo chooses not to renew

CHARLOTTE, N.C. (AP) — The Wells Fargo Championship is not renewing its contract to host a PGA Tour event. That ends 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. It will be played for the final time next May. 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 even proposed losing the signature status to trim costs.

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