Bank Of America Ending USOC Sponsorship After 16 Years
By Tripp Mickle, Staff Writer, SportsBusiness Journal
After 16 years of supporting Team USA, Bank of America is ending its longtime partnership with the USOC. The bank reached the decision over the last couple of weeks and notified the USOC over the past couple days. Banks like BofA has faced increased scrutiny due to the economic downturn and government support, but this decision was driven by insufficient return on investment from the sponsorship. BofA Senior VP/National Media Relations Joe Goode said, “Because we’ve invested so much over the past 16 years, this became an extremely difficult and emotional decision for us. It’s not about the economy, it’s not about reducing marketing, it’s not about TARP support. But rather, it’s about the insufficient business results we were able to generate.” Goode added that the bank enjoyed the brand alignment it had with the USOC and the emotional connection it had as a result of being Team USA’s official bank. The bank will continue to support the Chicago 2016 bid with execs on the bid committee and financial support in the form of grants for operating expenses. The bank is the latest in a series of sponsors to leave the USOC over the past two years, including GM and The Home Depot. In losing BofA, the USOC loses its support of the “hometown hopefuls” program that set athletes and their families at an exclusive center during the Olympics. BofA was close to a deal last summer with the USOC, and over the last year has negotiated with Jim Scherr, Norm Bellingham, Rick Burton and Lisa Baird. However, Scherr and Burton are no longer with the organization. There is a chance BofA will still be able to offer Olympic credit cards with the five-ring logo courtesy of pass-through rights with Visa. Goode said the decision not to renew does not signify the end of BofA’s support of the Olympic movement. Goode, “It’s our every intention to explore other ways to support the U.S. Olympic movement, and our support of Chicago 2016 is an example of that.”
|
Related Stories By Company
|
Related Stories By Sport
|
BofA Wants NFL Club Rights In New Deal
October 19, 2009 :
SportsBusiness Daily
ASG Sponsors Increase Charitable Giving
July 13, 2009 :
SportsBusiness Daily
USOC To Open Talks To Fill BofA Vacancy
June 3, 2009 :
SportsBusiness Daily
BofA Rebrands October NASCAR Race
May 15, 2009 :
SportsBusiness Daily
BofA Boss Defends Bank's Sports Spend
March 13, 2009 :
SportsBusiness Daily
|
Colbert Talks Speedskating On Show
November 20, 2009 :
SportsBusiness Daily
U.S. Public Only Gets 2% Of Vancouver Tix
November 19, 2009 :
SportsBusiness Daily
BMW Signs As London Games Tier One Partner
November 18, 2009 :
SportsBusiness Daily
Bell Canada To Provide Exclusive Oly Content
November 18, 2009 :
SportsBusiness Daily
Top Chicago 2016 Officials Well Paid
November 17, 2009 :
SportsBusiness Daily
|
|
