The PGA Tour has lost one of its signature events with Wells Fargo not renewing its contract, ending 22 years on the schedule.
The tournament carrying a $A30 million purse at Quail Hollow Club, which has hosted the PGA Championship and the Presidents Cup, 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.
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 ideal 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 favourite among players for the golf course and the first-class treatment provided by the club.
The tour plans to remain in Charlotte and is actively meeting with potential title sponsors.
Australian Associated Press