Banking On Tennis: J.P. Morgan Chase Ups Sponsorship Of Open

J.P. Morgan Chase has signed a four-year, almost $40M sponsorship with the U.S. Open Tennis Championships, "the largest deal ever for the tournament" and "among the largest ever in the sport," according to sources of Daniel Kaplan of the SPORTSBUSINESS JOURNAL. J.P. Morgan Chase will be "placing its logo on the prized back walls that are frequently in view during telecasts." The bank will also increase the number of clients it can entertain at the Open to 10,000, 40% more than last year. Kaplan adds the "stepped-up sponsorship" comes as J.P. Morgan Chase announced last week that 2Q earnings had fallen 61%, "badly missing expectations." But J.P. Morgan Chase VP/Corporate Sponsorships & Event Marketing Barbara Paddock said, "This deal makes good business sense." Paddock added that the deal "promotes the new J.P. Morgan Chase name" and "offers hospitality to the company's customers and clients." Kaplan writes the bank's existing contract with the Open was not scheduled to expire this year, but the back-wall sponsorship "became available after Heineken pulled out" (SBJ, 7/23).