Bank of America will not be a naming-rights sponsor of the new Yankee Stadium, as economic woes and public pressure are forcing the banking giant to withdraw.
Bank of America will not be a naming-rights sponsor of the new Yankee Stadium, as economic woes and public pressure are forcing the banking giant to withdraw.
Though the deal was announced several months ago, it was never firmed up and never committed to contract. Since that original agreement, the U.S. economy tanked and financial institutions came under public scrutiny after receiving federal bailout funds and continuing sports sponsorship agreements. The public pressure came too late for Citigroup to withdraw its naming-rights deal for the new Mets ballpark; it came in time to cause Bank of America to take a second look at the Yankees deal.
The original plan was for Bank of America to sponsor a specific part of Yankee Stadium in a 20-year deal that would have included game tickets, signage and special events. BoA could be back in a lesser deal for ATM rights to the ballpark.
The Yankees will not be lacking for other sponsorship deals: the new ballpark will feature Audi Yankees Club, Budweiser Hall of Fame Lounge, Delta Sky 360 Suite, H&R Block Suite Level, Jim Beam Suite Lounge, Ketel One Lounge and Mohegan Sun Sports Bar.