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Despite the financial sector’s troubles, banks are the biggest backers of Major League Baseball in terms of major sponsorships. Thirteen banks hold 22 major sponsorships for teams, according to Costigan & Associates. That’s roughly double the No. 2 industry, telecom.
Banks hope the sponsorships will lure fans to team-branded checking accounts, as well as big financing deals. Since first sponsoring the Boston Red Sox in 1989, Bank of America helped arrange financing for new ownership in 2002 and also provided the team with a 10-year credit facility to expand Fenway Park.
The Associated Press
