The number of large U.S. banks becoming increasingly
involved in financing pro sports was examined by Gary
Silverman of NEWSDAY. By financing the purchase of teams
and the construction of facilities, "bankers position
themselves for other opportunities -- sponsorship deals,
bond under-writings, affinity cards, even chances to recruit
players for private banking services." Boston-based Fleet
Bank, N.Y.-based Chase Manhattan Corp. and Charlotte-based
NationsBank all have sports lending practices. Former
NationsBank Exec VP Bill Covington, who helped finance the
purchase of the NFL Panthers and Hornets, on sports lending:
"It's a very visible form of lending with high public-
relations value." With increasing player salaries, banks
also see another opportunity. William Hatfield, who heads
Fleet's sports group: "Certainly, as we look at the product
array we can bring to this industry, private banking is
among the product set. There is quite a bit of capital in
the hands of professional sports participants." NEWSDAY'S
Silverman: "By associating with sports, these banks put
themselves at the heart of community life and make their
names known" (NEWSDAY, 7/20).
