MLB Banks awards $125 million sponsorship to Capital One
- Capital One Replaces Bank of America as Official Banking and Credit Card Partner of MLB
- Banks was the league’s biggest-spending sponsorship category in 2021, according to IEG
Major League Baseball (MLB) has confirmed an extensive sponsorship deal with US bank Capital One.
The deal, which was first announced in January, is worth $125 million over five years, according to CNBC. This makes Capital One the Official Banking and Credit Card Partner of the North American Baseball League, as well as the Presenting Sponsor of the World Series.
Capital One is taking over the banking and credit card sponsorship rights from Bank of America, an MLB partner since 2004.
The new deal will provide several benefits for Capital One cardholders, including access to tickets to signature events such as All-Star Week and the playoffs, as well as discounts for the MLB store and streaming service. by MLB.TV subscription.
In addition, Capital One has also pledged to donate a minimum of $250,000 this year to the Jackie Robinson Foundation, a scholarship and leadership development program for minority students.
Capital One joins a growing number of MLB-sponsoring financial services companies, including payments tech giant Mastercard and cryptocurrency platform FTX.
According to IEG, MLB and its 30 teams generated $1.13 billion in sponsorship revenue for the 2021 season. industry that invested more than $95 million in MLB deals last year.
The partnership also strengthens Capital One’s presence in sports. The company is a premier sponsor of the National Collegiate Athletic Association (NCAA) and holds the naming rights to the home of the Washington Wizards and Capitals, as well as being the title sponsor of The Match, the celebrity golf series. challenge matches.
The announcement comes just over a week before the start of the 2022 season, which was postponed until April 7 as MLB and its players’ association (MLBPA) tried to finalize a new collective bargaining agreement (CBA).