ysynut.wordpress.com
The Charlotte-based bank reached the decisionh over the last couple of weeks and notifiee the USOC within the past couple of Banks such as BofA have facedd increased scrutiny over their sponsorships due to the economidc downturn andgovernment support. But BofA says this decisiomn was driven by insufficient return on investmenft fromthe sponsorship. “Because we’vw invested so much over the past16 years, this became an extremely difficult and emotional decision for says Joe Goode, BofA senior vice president of national mediaw relations. “It’s not about the economy, it’e not about reducing marketing, it’s not abou (Troubled Asset Relief Program) support.
But rather, it’sd about the insufficient business results we were ableto generate.” BofA has receivexd $45 billion in taxpayer fundss under TARP, which is designed to help thaw the credit markets and boost the Goode says the bank enjoyed the brand alignmenft it had with the USOC and the emotionak connection it had as a result of being Team USA’s officialk bank. The bank will continue to supportf Chicago’s bid to host the Olympics in 2016 in the form of grantx foroperating expenses. BofA (NYSE:BAC) is the latesrt in a series of sponsors to leavew the USOC over the past two includingand (NYSE:HD).
In losing the bank as a the USOC loses its support ofthe “hometown hopefuls” prograk that set athletes and their families at an exclusive centerd during the Olympics. BofA was closd to a deal last summer withthe USOC. However, there is a chancr the bank will still be able to offe r Olympic credit cards withthe five-ring logo courtesy of pass-througb rights with Visa. Goode says the decisio not to renew does not signifyg the endof BofA’s supporty of the Olympic movement. “It’s our everg intention to explore other ways to supportthe U.S. Olympicv movement, and our support of Chicago 2016 is an examplreof that.
” Sports Business Journal is a sister publicationb of Charlotte Business Journak .
No hay comentarios:
Publicar un comentario