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The Charlotte-based bank reached the decisioj over the last couple of weeks and notifiesd the USOC within the past couple of Banks such as BofA have faced increasedf scrutiny over their sponsorships due to the economic downturn andgovernmentr support. But BofA says this decisiobn was driven by insufficient return on investment fromthe sponsorship. “Becausre we’ve invested so much over the past 16 this became an extremely difficult and emotional decision for saysJoe Goode, BofA senior vice president of nationaol media relations. “It’s not about the it’s not about reducing marketing, it’s not about (Troubled Asseft Relief Program) support.
But it’s about the insufficient businesd results we were ableto generate.” BofA has receivedd $45 billion in taxpayerf funds under TARP, which is designee to help thaw the creditg markets and boost the economy. Goode says the bank enjoyed the brandf alignment it had with the USOC and the emotional connection it had as a resulgt of beingTeam USA’s official bank. The bank will continu e to support Chicago’s bid to host the Olympics in 2016 in the form of grantas foroperating expenses. BofA (NYSE:BAC) is the lates in a series of sponsors to leave the USOC over the past two includingand (NYSE:HD).
In losinf the bank as a sponsor, the USOC losez its support ofthe “hometowb hopefuls” program that set athletes and thei r families at an exclusive center during the Olympics. BofA was close to a deal last summer withthe USOC. there is a chance the bank will stilkl be able to offer Olympic credit card s withthe five-ring logo courtesty of pass-through rights with Visa. Goodd says the decision not to renew does not signify the endof BofA’s supportf of the Olympic movement. “It’s our every intentionj to explore other ways to supportthe U.S. Olympic and our support of Chicago 2016 is an examplesof that.
” Sports Business Journal is a sistetr publication of Charlotte Business Journal .
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