US financial institution Wachovia Corp has removed its branding from a US PGA golf tournament despite a significant naming rights sponsorship commitment until 2014.
According to Australian Sponsorship News, Wachovia is reacting to public sentiment by removing its branding from the event following research that showed US consumers are becoming increasingly disillusioned by what they perceive as an excessive sponsorship spend by US financial companies.
“Promoting this event with our brand could send mixed signals about our priorities to many of our stakeholders,” said Wells Fargo executive David Carroll.
The Wachovia Championship will be known as the Quail Hollow Championship, after the course in North Carolina where the tournament is held. It is unknown what the tournament will be called in the future.
Wachovia Corp was recently acquired by Wells Fargo and has received $25 billion in government aid following the global financial crisis.