COLORADO SPRINGS — The U.S. Olympic Committee recently lost another high-profile corporate partner, with Bank of America’s departure leaving holes in three major sponsorship categories eight months before the 2010 Vancouver Games.
A USOC sponsor for 16 years, Bank of America followed General Motors and Home Depot in not renewing a four-year agreement, worth $12 million to $15 million, that ended after the 2008 Beijing Games.
Kellogg’s also dumped the USOC after Beijing, and Johnson & Johnson terminated an International Olympic Committee sponsorship that would have paid as much as $100 million over the next four years. J&J could become a USOC sponsor.
According to the Sports Business Journal, every dollar Bank of America spends on sponsorships results in an average of $10 in revenue and $3 in earnings. Colorado Springs Gazette
