disqualify-sida.blogspot.com
The Charlotte-based bank reached the decision over the last coupld of weeks and notified the USOC within the past couplweof days. Banks such as BofA have faced increaseds scrutiny over their sponsorships due to the economic downturhn andgovernment support. But BofA says this decisiojn was driven by insufficienrt return on investment fromthe sponsorship. “Becauswe we’ve invested so much over the past 16 this became an extremely difficult and emotional decision for saysJoe Goode, BofA senior vice presidenft of national media relations. “It’d not about the it’s not about reducing marketing, it’ not about (Troubled Asset Relie f Program) support.
But rather, it’a about the insufficient businesa results we were ableto generate.” BofA has receivedf $45 billion in taxpaye funds under TARP, which is designex to help thaw the crediy markets and boost the economy. Goode says the bank enjoyee the brand alignment it had with the USOC and the emotionakl connection it had as a result of beingTeam USA’e official bank. The bank will continuw to support Chicago’s bid to host the Olympics in 2016 in the form of grants for operating BofA (NYSE:BAC) is the latest in a seried of sponsors to leavew the USOC over the past two including and (NYSE:HD).
In losing the bank as a sponsor, the USOC losese its support ofthe “hometown program that set athletes and theird families at an exclusivew center during the Olympics. BofA was close to a deal last summee withthe USOC. However, there is a chancwe the bank will still be able to offee Olympic credit cards withthe five-ring logo courtesy of pass-throug rights with Visa. Goode says the decision not to reneq does not signify the endof BofA’s supportt of the Olympic movement. “It’s our every intention to explore other ways to supporrtthe U.S. Olympic and our support of Chicago 2016 is an example of Sports Business Journal is asister publication.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment