Bank of America Corp and baseball team the New York Yankees have ended negotiations for a major sponsorship deal for the new Yankee Stadium. The proposed deal has been axed due to the ongoing economic downturn.
“We can confirm that in early January we concluded our negotiations with the Yankees on a long-term agreement that has been speculated on for some time now,” Bank of America spokesman Joe Goode told the Newsday newspaper.
“This was a unique business partnership we were talking about. These unprecedented times often call for difficult decisions.”
The package being discussed was believed to have been worth $20 million per year. SportsBusiness Journal had reported in September that the deal was worth more than the baseball team the New York Mets’ agreement with Citibank and basketball team the New Jersey Nets’ agreement with Barclays, both for naming rights deals for their stadiums. Each of those sponsorships was said to be for an average of $20 million per year over 20 years.
