BofA’s Sports Outlay Includes Assumption Of Banking Services

BofA’s Sports Sponsorship Spending Includes Fall NASCAR Race

Bank of America spent $80-85M “on sponsorship last year alone, most but not all of that on sports sponsorship,” according to IEG Sponsorship Report data cited by E.S. Browning of the WALL STREET JOURNAL. The sponsorship spending “was the most for any bank, almost double J.P. Morgan Chase & Co., the nearest rival.” Citigroup “was far behind.” BofA “not only gets business from sports fans, but also gets banking business from the sports enterprises it sponsors.” But the bank “won’t offer even an estimate of how much actual revenue that represents.” BofA Global Sponsorship Exec Ray Bednar: “These are midcap businesses. They are very big operations. They have significant cash operations, capital expenditures, stadium building, treasury services.” But Browning wonders, “Is it worth $85[M] or more in sponsorship fees to get all that, plus the good will with fans?” (WALL STREET JOURNAL, 12/2).