U.s. Olympic Committee, The Indianapolis Cowboys, And The Colonial Pga Tournament
983 Words4 Pages
In late 2006, executives of Bank of America were evaluating and determining four sports sponsorships to initiate, renew or terminate. The four options are NASCAR, U.S. Olympic Committee, the Dallas Cowboys, and The Colonial PGA Tournament in Fort Worth, Texas. Based on the strict criteria for the bank’s sports sponsorship “return on investment”, executives made their decision: (1) start a new relationship with NASCAR as its official bank, (2) renew the USOC sponsorship, (3) renew the sponsorship of Dallas Cowboys, and (4) exit after the 2006 Bank of America Colonial golf tournament sponsorship without damaging the financial structure of the event. NASCAR origins from North Carolina, the same place as Bank of America comes from. Sharing the same place makes the
The number of NASCAR’s fans is over 75 million and NASCAR ranked NO.1 in corporate involvement and per-event attendance, and NO.2 in television viewership, which mean that Bank of America is going to have enormous customer accumulation.
NAXCAR and Bank of America have been keeping relationship since very long time ago, therefore, they know each other very well, which avoids unnecessary uncertainty.
It’s a wise decision to sponsor NASCAR. I agree that Bank of America gave up to renew U.S. Olympic Team sponsorship. For one thing, it cost approximately 8 million dollars a year, double the cost of NASCAR sponsorship. The high expense was not only too much for the bank, but not necessary. As Bill Chipps said