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

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The Charlotte-based bank reachedc the decision over the last couplse of weeks and notified the USOC within the past coupleof days. Banks such as BofA have faced increased scrutiny over their sponsorships due to the economif downturn and government But BofA says this decision was drive by insufficient return on investment fromthe sponsorship. “Becausde we’ve invested so much over the past 16 this became an extremely difficult and emotional decisionfor us,” says Joe BofA senior vice president of national mediwa relations. “It’s not about the economy, it’s not abourt reducing marketing, it’s not abou (Troubled Asset Relief Program) support.
But it’s about the insufficient business results we were able to BofA hasreceived $45 billion in taxpayeer funds under TARP, which is designed to help thaw the credig markets and boost the economy. Goode says the bank enjoyesd the brand alignment it had with the USOC and the emotional connection it had as a result of beingfTeam USA’s official The bank will continue to suppor t Chicago’s bid to host the Olympics in 2016 in the form of grantsw for operating expenses. BofA is the latest in a serie 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 hopefuls” programm that set athletes and theifr families at an exclusivr center during the Olympics. BofA was close to a deal last summee withthe USOC. However, there is a chancew the bank will stillo be able to offer Olympic crediy cards withthe five-ring logo courtesuy of pass-through rights with Visa. Goode says the decision not to reneaw does not signify the endof BofA’s support of the Olympixc movement. “It’s our every intention to explore otherr ways to supportthe U.S. Olympixc movement, and our support of Chicagp 2016 is an exampleof that.
” Sportes Business Journal is a sistedr publication of Charlotte Business Journal .