Citi To Renew Sponsorship Deal With USOC For '14 Sochi, '16 Rio Games
Citi is "finalizing an agreement" with the USOC to "return as the official retail bank of Team USA" for the '14 Sochi and '16 Rio Games, according to Tripp Mickle of SPORTSBUSINESS JOURNAL. The deal, which sources "valued at more than" $15M over four years, "ensures the USOC will retain both of the banking partners it signed prior to" the '12 London Olympics. TD Ameritrade last week announced that it "planned to return as the official brokerage of Team USA" for the '14 and '16 Games. Citi in '11 "signed a unique deal" with both the USOC and NBC. Citi "bought a package that included a Team USA sponsorship and advertising on NBC during the London Games that was valued at more than" $25M. Headed into the Sochi Games, the USOC and NBC "have found it difficult to offer a similar sponsorship and media package." But Citi, like TD Ameritrade, "saw enough value in its USOC partnership to return exclusively as a Team USA sponsor and buy its media separately from NBC prior to the Sochi and Rio Games." Sources said that Citi will "bring back the 'Every Step of the Way' program it developed for the London Games." The marketing program "allowed Americans to use Facebook and Twitter to direct $500,000 to nonprofit sport organizations selected by 13 athletes with Citi endorsement deals." The company is "expected to sign several winter Olympians to promote ahead of the Sochi Games." It also has "held talks with some national governing bodies about sponsoring their teams" (SPORTSBUSINESS JOURNAL, 3/18 issue).