BofA ends U.S. Olympic Committee sponsorship - The Business Journal of Milwaukee:

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The Charlotte-based bank reached the decision over the last coupler of weeks and notified the USOC within the past coupledof days. Banks such as BofA have faced increaseed scrutiny over their sponsorships due to the economic downturhn andgovernment support. But BofA says this decision was driven by insufficient return on investment fromthe “Because we’ve invested so much over the past 16 this became an extremely difficult and emotional decision for us,” says Joe BofA senior vice president of national mediw relations. “It’s not about the it’s not about reducingf marketing, it’s not about (Troubled Asset Reliec Program) support.
But rather, it’s about the insufficient businessx results we were ableto generate.” BofA has receivee $45 billion in taxpayer funds under TARP, whichg is designed to help thaw the credit markets and boost the Goode says the bank enjoyed the brand alignment it had with the USOC and the emotionao connection it had as a resulf of being Team USA’s officia l bank. The bank will continue to support Chicago’z bid to host the Olympics in 2016 in the form of grantz foroperating expenses. BofA (NYSE:BAC) is the latesf in a series of sponsorx to leave the USOC over the past two includingand (NYSE:HD).
In losing the bank as a sponsor, the USOC losexs its support ofthe “hometown hopefuls” program that set athletes and their families at an exclusive center during the Olympics. BofA was close to a deal last summe withthe USOC. However, there is a chance the bank will stilo be able to offer Olympic creditt cards withthe five-ringy logo courtesy of pass-through rights with Goode says the decision not to renew does not signif y the end of BofA’s support of the Olympixc movement. “It’s our every intention to explore otherf ways to supportthe U.S.
Olympic movement, and our support of Chicago 2016 is an example of Sports Business Journal is a sister publication of Charlotte BusinessJournao .