Wells Fargo has ended its sponsorship of the National Basketball Association's Charlotte Hornets.
A spokesman for the San Francisco company confirmed to American Banker that Wells Fargo is no longer the bank sponsor of the Hornets. Wells Fargo's choice not to renew its sponsorship was first reported by the Charlotte Business Journal.
The Hornets have not secured a new bank sponsor, a team spokesman said, adding that the Hornets "are not exclusive in the banking category."
The Charlotte Hornets are the second NBA team that has lost Wells Fargo as a sponsor this year. The Philadelphia 76ers and Wells Fargo parted ways earlier this year over an apparent business dispute.
Wells Fargo inherited its sponsorship of the Charlotte team from Wachovia following its acquisition of the bank in 2008. Wachovia became the bank sponsor of the then-Bobcats in 2005, with the bank paying between $500,000 and $750,000 per year for the sponsorship rights.
The Hornets were formerly known as the Charlotte Bobcats, before they were rebranded as the Charlotte Hornets for the 2014-2015 season. Charlotte had a previous NBA franchise called the Hornets from 1985 to 2002, when the team moved to New Orleans. That team is now known as the New Orleans Pelicans.
Wells Fargo still holds a minority ownership interest in the Hornets, along with Bank of America, the Charlotte Business Journal reported. Representatives for Wells Fargo and the Hornets would not confirm whether the bank's decision to end its sponsorship would affect its ownership interest.