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Wells Fargo distances itself from PGA tournament sponsorship

The Wachovia Championship PGA golf tournament in Charlotte will no longer bear the bank's name. Nor will it be named after Wachovia's new owner, Wells Fargo. In a sign of the financial times, Wells Fargo today said it would send a mixed signal to have its name associated with a high-end sporting event at the same time it's taking a government bailout. Instead, the PGA Tour event which starts April 27th in Charlotte will be called the "Quail Hollow Championship" after the golf course where it takes place. Wells Fargo says it will honor the title sponsorship contract it acquired when it purchased Wachovia. Under the terms of that contract, the bank will reportedly pay about six and a half million dollars for each of the next six years. Wells Fargo also says it will not host any client entertainment events in connection with the championship.