In its first move entering the sports endorsement world, financial empire Goldman Sachs will sponsor PGA Tour golfer Patrick Cantlay and unleash a series of TV advertisements during this weekend's Memorial Tournament, the company told CNBC Monday.
Cantlay, 28, signed with Goldman Sachs for multi-year deal and will sport the bank's logo on his clothing during events as part of the sponsorship. The firm did not reveal the agreement's financial terms but said it hopes to reach a long-term extension with Cantlay in the future.
"Ultimately, the combination of what he does on the course and what we do off the course we thought was a great partnership," said Dustin Cohn, head of brand marketing for the Consumer and Investment Management Division at Goldman Sachs.
Cohn described Cantlay as "a young up and comer who has a bright future ahead of him. And we're a young up and comer as well, and we also take our craft very seriously."
Cantlay, who won last year's Memorial, will chase this weekend's title to be the second repeat winner of the event, joining Tiger Woods (1999-2001).
"We're leveraging that to debut our new ad on CBS," Cohn said.
Goldman's TV ad will feature Cantlay at age four playing golf with his father, Steve, and include a six-page letter his father wrote to Cantlay on his first day as a PGA Tour golfer. According to Cohn, the ad aims to show what "support means to people and how this is a good example of how success starts with the right support."
Cantlay will help the firm build brand awareness for its recently launched Marcus by Goldman Sachs mobile app. The firm plans for the app to one day serve as the storefront and one-stop shop for an array of digital banking services.
Cohn said that Goldman is "exploring our options across different sports, and different athletes" as the firm will look to add other athletes to its sponsorship portfolio.
Currently ranked tenth in the world, Cantlay, who will be chasing his third career PGA Tour win, has so far accumulated a total of $1,786,331 in seven events played this year. Last year he made $6,121,488 in 21 events, including a win at the Memorial, the tournament founded by golf legend Jack Nicklaus.
Cantlay said he's still adjusting to life playing the sport during Covid-19. The PGA Tour returned to play on June 11 for the Charles Schwab Challenge.
"It's weird playing for something that seemingly is so important with no one around," Cantlay said. "It's sad to hit a really nice shot and have no one around you to celebrate. You just hear crickets."
PGA Tour officials recently altered its health and safety protocols to allows golfers who test positive for Covid-19 to return faster, provided they show no symptoms and test negative for 72 hours.
The Memorial is scheduled for July 16 to July 19 at Muirfield Village Golf Club in Ohio.
