Wyndham Hotels & Resorts will not return as a PGA Tour sponsor, Sports Business Journal reported on Monday, halting a 20-year run after its deal ran out this year.
Worth roughly $5.4 billion, Wyndham had sponsored the Greensboro, N.C., tournament since 2007, but per the report, is walking away instead of renewing its sponsorship with new terms.
SBJ reported that Raymond James is likely to take over the Greensboro tournament, which will slide into the Tour’s top-tier Championship Series in 2028. Raymond James also holds naming rights for the NFL’s Tampa Bay Buccaneers’ stadium through 2027.
The cost for a Championship Series sponsor is reportedly $30 million or higher per year and increases annually. Lawmakers in North Carolina proposed $40 million in state funding to help Greensboro secure a Championship Series, tied to a binding four-year agreement that would have the Tour holding Championship Series events from 2028-31 at Greensboro’s Sedgefield Country Club.
Five other PGA Tour events — the Sompo Championship, The Sentry, the Travelers Championship, the Arnold Palmer Invitational and the Cadillac Championship — have secured spots for the 2028 Championship Series.
Current Signature events, including the Truist Championship, RBC Heritage and Genesis Invitational, are expected to secure their spots for 2028. The 3M Open is among tournaments seeking one of the remaining spots, per the report.
With shares of Wyndham Hotels & Resorts down roughly 17% from their 52-week high, the company’s market cap is at approximately $5.4 billion. That leaves the stock below analyst price targets, which makes renewing a 20-year sponsorship at a higher cost a tough decision.