“Promoting this event with our brand could send mixed signals about our priorities to many of our stakeholders"

Wells Fargo guy on the event formerly known as the Wachovia Championship: “Promoting this event with our brand could send mixed signals about our priorities to many of our stakeholders," which, after run through the MBA Jargonometer, means, "We aren't going to become the next Northern Trust.

First reported by Sports Business Daily and fleshed out by several including Bloomberg's Ari Levy and David Mildenberg, we see the first PGA Tour event going retro. Presenting, the Quail Hollow Championship.

Wells Fargo Chief Executive Officer John Stumpf and Chairman Richard Kovacevich are among executives who won’t receive bonuses for 2008 because Wells Fargo didn’t meet its performance goals, the bank said today in a regulatory filing. Separately, Wells Fargo changed the name of the Wachovia Championship in Charlotte, North Carolina, to the Quail Hollow Championship and said it won’t host client events tied to the tournament. Wells Fargo acquired Charlotte-based Wachovia in December.

“Anyone who is taking any type of TARP money is going to have a harder time sponsoring these kinds of events,” said David Lykken, a consultant at Mortgage Banking Solutions in Austin, Texas. “These are legacy ventures.”

And the spin...

“Promoting this event with our brand could send mixed signals about our priorities to many of our stakeholders,” said David Carroll, a Wells Fargo executive, in a statement.

Wachovia renewed its contract with the PGA in 2008 and extended it through 2014. Wells Fargo still plans to honor sponsorship obligations and hasn’t determined what the tournament will be named in future years, spokeswoman Mary Beth Navarro said in an interview.

Ron Green Jr. quotes the club president and tournament director:

“All of us involved with the tournament have enjoyed the last six years and are looking forward to doing something very special with the tournament over the next six years,” Quail Hollow Club president Johnny Harris said.

“We have been working diligently to do what is necessary to produce the premier stop on the PGA Tour and we feel strongly this will do nothing but strengthen the golf experience for our players and patrons.”

Is that a nice way of saying people really don't like to see corporate logos everywhere?

And this is beautiful...

“This clarifies a lot for us,” Hougham said. “Now there is a name that can stay on the tournament for the next six years. We’ll work with the bank after this year’s event and we hope they stay involved.

“With the new name, it gives us a solid brand to build on for the future, just like we built the old brand.”

Oh yes, this is prime branding 101 textbook stuff!