USOC Banking Sponsor Wants New Deal

Bank of America apparently isn't quite ready to withdraw all of its sponsorship dollars from the U.S. Olympic Committee.

Although the bank is holding firm on not renewing the same deal it had for the 2005-08 quadrennium - reportedly worth $12 million to $15 million -- it says it is still in negotiations with the USOC in hopes of getting more return on its investment.

"The bank cannot renew its existing sponsorship as structured," Joe Goode, Bank of America's senior vice president of global media relations, told Reuters.

Goode would not say whether the Charlotte, N.C.-based bank was looking for a smaller payout or greater value from the USOC. Bank of America has sponsored the "Hometown Heroes" program, a gathering place for athletes and their families at the Olympic Games.

"We remain in discussions with the committee on exploring alternative ways to continue our support," he said.

Lisa Baird, the USOC's Chief Marketing Officer, does not comment on pending deals but said in a statement: "We are currently in negotiations with Bank of America regarding sponsorship during the 2009-2012 period and are confident that we can find a structure that will work."

Bank of America, which received about $45 billion from the Treasury Department's Troubled Asset Program (TARP), is cutting billions of dollars in costs and could slice 42,500 jobs.

It is one of the few U.S. banks with a national presence. Wells Fargo is another one.

The USOC, which lost Home Depot and General Motors as significant partners in the last two years, is also in negotations with AT&T, a sponsorship worth at least $15 million in last quadrennium.

"We're pretty confident about our opportunities to have a record level of support for our properties," Baird said in a conference call Wednesday.

"We're finding that people are open to us. It takes a little bit longer in this environment. That's directly due to the economy and people not having clear sightlines to how their businesses are doing. I'm just happy we have a premium property to be able to offer to our partners.

"I'm pretty bullish and confident that we have a very positive outlook."

The USOC is also asking the U.S. public to dig into its own pockets with its latest fundraising initiative.

The "Together We Win" campaign, which runs from Memorial Day (May 25) through July 4, is appealing for donations of $5 - or more - through the www.teamusa.org Web site.

Baird said the campaign with its patriotic holiday bookends seeks to tie U.S. athletes "to the national pride that we have now more than ever. The Olympic and Paralympic hopeful athletes need financial support more than ever."

Baird calls the campaign a "direct to America dialogue we haven't done before," since previous efforts were through media.

"We're very aggressive about developing dialogue and engagement and making the Olympic Movement accessible to fans," she said.

"It is an uncertain time for Americans in our country because of the economy and sports is not immune to the current economic situation, and yet it seems the right time to be able to remind Americans on Independence Day."

Baird said athletes need more than financial support from their countrymen. "It's the emotional support that counts as much," she said.

Picabo Street, an Olympic gold and silver medalist in alpine skiing, said on the conference call that having support is "extremely comforting and empowering and something we use on a daily basis when we're out there."

She said the donation can be "small or humongous if you want to."

"I know from personal experience when sitting on the couch and watching the Olympics," she said, "not only watching your children jump up and down and say, 'I want to be the next so-and-so,' you have a personal part in that. You have some ownership and it becomes very palpable and very touchable. Even if it's a small donation, it makes it very impactful for the athletes and is and something we take pride in."

Melissa Stockwell, a Paralympian who was the first woman amputee of the Iraq war, said that tying Team USA to the patriotic holidays is appropriate.

"This time of year, it's great to remember the sacrifice any soldier has given," she said. "It can be in ways to support Team USA. If they were injured in the war, this is giving them a second chance to get their life back, and if they choose to, get to the elite level and represent their country."

Julie Chu, an Olympic silver and bronze medalist on the U.S. women's hockey team, said athletes understand that some people can only give a small amount of money.

"That's fine; we're not asking American fans to donate millions," she said. "We're only asking them to give what they can so they can be involved and feel the Olympic fever."

Baird said she will announce a fundraising goal soon, and plans to learn this year what works and what doesn't to shape goals for future years.

The USOC also hopes to expand its shopping options, Baird said, so that "Team USA is a line of merchandise that will include apparel that is more broadly available in the traditional retail outlets."

However, first the USOC must make its Web site easier to navigate. Visitors to www.teamusa.org are supposed to be able to purchase a special T-shirt made by Nike and worn by athletes in public service announcements, a lapel pin and a rings wristband. Yet by early Thursday morning, links could not be found on the site.

Written by Karen RosenFor general comments or questions, click here