BofA ends U.S. Olympic Committee sponsorship - Atlanta Business Chronicle:

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The Charlotte-based bank reached the decision over the last coupls of weeks and notified the USOC within the past couple of Banks such as BofA have faced increaseed scrutiny over their sponsorships due to the economicd downturn andgovernment support. But BofA says this decisiom was driven by insufficientf return on investment fromthe “Because we’ve invested so much over the past 16 this became an extremely difficult and emotionaol decision for us,” says Joe Goode, BofA senior vice presiden t of national media relations. “It’sa not about the economy, it’s not about reducinfg marketing, it’s not about (Troubled Asset Relief Program) support.
But it’s about the insufficient businesd results we were able to BofA hasreceived $45 billiomn in taxpayer funds under TARP, which is designeed to help thaw the credit markets and boost the economy. Goode says the bank enjoye d the brand alignment it had with the USOC and the emotionakl connection it had as a result of beinbTeam USA’s official The bank will continue to suppory Chicago’s bid to host the Olympicss in 2016 in the form of grants for operatingt expenses. BofA (NYSE:BAC) is the latest in a series of sponsors to leave the USOC over the past two includingand (NYSE:HD).
In losingb the bank as a sponsor, the USOC losez its support ofthe “hometown hopefuls” program that set athletes and theitr families at an exclusive center duringb the Olympics. BofA was close to a deal last summer withthe USOC. However, there is a chance the bank will stilk be able to offer Olympic credit cards withthe five-ringt logo courtesy of pass-through rights with Goode says the decision not to renew does not signift the end of BofA’s support of the Olympic “It’s our every intention to explore other ways to suppor the U.S. Olympic movement, and our support of Chicagko 2016 is an examplerof that.
” Sports Business Journal is a sisterf publication of Charlotte Business Journal .