US athletes apprehensive over ties with troubled firm
Source: Agencies |
June 8, 2010, Tuesday
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Print Edition
US athletes are wondering what impact the US Olympic Committee's multimillion-dollar sponsorship deal with BP could have on their future, given the continued bad news coming from the Gulf Coast oil spill.
American athletes receive money from the USOC, some of which comes via the BP sponsorship. The oil company signed a deal with the USOC in February worth between US$10 million and US$15 million, which represents about 6 percent to 7 percent of the federation's sponsorship revenue.
The London 2012 Olympic organizing committee also has a deal with BP, valued at around US$58 million. And next weekend's all-Chicago baseball series between the Cubs and White Sox is sponsored by BP.
In an era where big companies pull back on deals with athletes because of their behavior, the benefactors of BP's millions are not telegraphing any moves to turn the tables.
They did not acknowledge any risks that could go along with holding onto the BP partnership. Nor would they directly answer when asked if any thought had been given to parting ways.
Connections
Agent Evan Morgenstein said he has received a number of calls from athletes he represents who are concerned about the connections. Among Morgenstein's clients are Olympic swimmers Dara Torres, Amanda Beard, Aaron Peirsol and Eric Shanteau, though Morgenstein would not divulge which athletes were contacting him about BP.
"In the end, it's not about the US$15 million," Morgenstein said. "It's about the brand. They (in the Olympic movement) talk about branding all the time and the value of the rings. If they're not starting to get the feeling that the rings are covered in oil, then they should wait a while and do nothing. Then, trust me, the rings will be soaked in oil."
The nonprofit USOC was having trouble signing sponsors for the current Olympic cycle when BP stepped in with a deal through at least 2012. That deal was estimated to be worth between US$10 million and US$15 million and the prospect of losing that chunk of money would leave the USOC scrambling with the Summer Olympics two years away.
In a fortunate twist for both sides, the deal was signed only a few months ago and BP hasn't come up with the promotional material to "activate" its sponsorship.
A BP spokesman said the company still plans to honor all its sports sponsorships.
"Our Olympics sponsorships were driven by our presence as major employer and investor in the two countries (US and UK), and our ability to provide energy in various forms to the necessary logistics efforts during the games," BP spokesman Robert Wine wrote in an e-mail.
American athletes receive money from the USOC, some of which comes via the BP sponsorship. The oil company signed a deal with the USOC in February worth between US$10 million and US$15 million, which represents about 6 percent to 7 percent of the federation's sponsorship revenue.
The London 2012 Olympic organizing committee also has a deal with BP, valued at around US$58 million. And next weekend's all-Chicago baseball series between the Cubs and White Sox is sponsored by BP.
In an era where big companies pull back on deals with athletes because of their behavior, the benefactors of BP's millions are not telegraphing any moves to turn the tables.
They did not acknowledge any risks that could go along with holding onto the BP partnership. Nor would they directly answer when asked if any thought had been given to parting ways.
Connections
Agent Evan Morgenstein said he has received a number of calls from athletes he represents who are concerned about the connections. Among Morgenstein's clients are Olympic swimmers Dara Torres, Amanda Beard, Aaron Peirsol and Eric Shanteau, though Morgenstein would not divulge which athletes were contacting him about BP.
"In the end, it's not about the US$15 million," Morgenstein said. "It's about the brand. They (in the Olympic movement) talk about branding all the time and the value of the rings. If they're not starting to get the feeling that the rings are covered in oil, then they should wait a while and do nothing. Then, trust me, the rings will be soaked in oil."
The nonprofit USOC was having trouble signing sponsors for the current Olympic cycle when BP stepped in with a deal through at least 2012. That deal was estimated to be worth between US$10 million and US$15 million and the prospect of losing that chunk of money would leave the USOC scrambling with the Summer Olympics two years away.
In a fortunate twist for both sides, the deal was signed only a few months ago and BP hasn't come up with the promotional material to "activate" its sponsorship.
A BP spokesman said the company still plans to honor all its sports sponsorships.
"Our Olympics sponsorships were driven by our presence as major employer and investor in the two countries (US and UK), and our ability to provide energy in various forms to the necessary logistics efforts during the games," BP spokesman Robert Wine wrote in an e-mail.
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