BofA ends U.S. Olympic Committee sponsorship - Charlotte Business Journal:

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The Charlotte-based bank reached the decision over the last couplew of weeks and notified the USOC within the past couple of days. Banks such as BofA have facef increased scrutiny over theitr sponsorships due to the economic downtur n andgovernment support. But BofA says this decisiom was driven by insufficient return on investment fromthe “Because we’ve invested so much over the past 16 years, this becamer an extremely difficult and emotionalk decision for us,” says Joe Goode, BofA senior vice presidenrt of national media “It’s not about the economy, it’e not about reducing marketing, it’s not abouyt (Troubled Asset Relief support.
But rather, it’s abou the insufficient business results we were able to BofA hasreceived $45 billio n in taxpayer funds under which is designed to help thaw the credif markets and boost the economy. Goode says the bank enjoyed the brancd alignment it had with the USOC and the emotional connection it had as a resultt of beingTeam USA’s official bank. The bank will continue to supportf Chicago’s bid to host the Olympics in 2016 in the form of grantsx foroperating expenses. BofA (NYSE:BAC) is the latest in a series of sponsors to leave the USOC over the past two includingand (NYSE:HD).
In losing the bank as a the USOC loses its support ofthe “hometown program that set athletes and their familiesw at an exclusive center during the Olympics. BofA was closee to a deal last summe withthe USOC. However, there is a chances the bank will still be able to offer Olympic credit cardes withthe five-ring logo courtesy of pass-through rights with Visa. Goodd says the decision not to renew does not signify the endof BofA’sa support of the Olympic movement. “It’s our every intention to explore other ways to suppor tthe U.S. Olympic movement, and our support of Chicago 2016 is an exampleof that.
” Sports Business Journak is a sister publication of Charlotte Business Journak .