Bank of America has "reduced and recast its sponsorship spending in recent years, including its sports portfolio," but sports sponsorships still "account for the biggest share of banks' spending at 38%," according to data cited by Erik Spanberg of the CHARLOTTE BUSINESS JOURNAL. Sponsorship consulting firm IEG estimates BofA spent $75M on sponsorships in '13, the "most recent figure available." In '08, the bank’s sponsorships totaled $120M, or "38% more than current spending levels." BofA maintains a "number of prominent sports deals," including the 20-year, $140M stadium naming-rights agreement with the NFL Panthers, signed in '04. It also has been the official bank of MLB since '04 and signed a similar, ongoing agreement with NASCAR in '07. In other ways, BofA "has reduced its sports interests," as official bank deals with the NFL and the Olympics lapsed in '10. In addition to the Panthers, BofA has "advertising and marketing partnerships" with the Patriots, Redskins and Cowboys. BofA "made an aggressive push into NASCAR" around a decade ago, signing deals with SMI and ISC to "advertise at 10 tracks owned by the companies." SMI "signed BofA as title sponsor" for the October NASCAR Sprint Cup Series race at Charlotte Motor Speedway in '06, a partnership that remains intact. The bank "dropped all five" ISC sponsorships and four of five (all but CMS) with SMI in '12. BofA last year "expanded its relationship" with Hendrick Motorsports and extended its deal through the '15 NASCAR season. BofA also "offers a PGA Tour-branded MasterCard." In MLB, it "sponsors nine franchises." No other U.S.-based bank "spent as much as BofA in the IEG rankings" (CHARLOTTE BUSINESS JOURNAL, 4/17 issue).
