Citigroup, Inc (NYSE: C) has backed out from sponsoring the Rose Bowl, the oldest bowl game in the history of college football.
The withdrawal by Citigroup, Inc (NYSE: C) will result in a huge financial setback for the game. Citigroup, Inc (NYSE: C) was previously the Rose Bowl’s primary sponsor for seven years. The company took out its financial backing of the Rosebowl because of demands placed by BCS sponsors.
Citigroup, Inc (NYSE: C) was the second long-time sponsor to opt-out of sponsoring a college football championship after FedEx backed out of sponsoring the Orange Bowl in May.
Some sources have suggested that AT&T, which first sponsored the Rose Bowl in 1999, may enter into another partnership with the Rose bowl.
ESPN spearheaded the idea of setting up BCS sponsors for postseason bowl games in connection to the broadcaster’s contract to cover college football games. ESPN had no comment about Citigroup, Inc (NYSE: C)’s withdrawal from the Rose Bowl.
