February 27, 2009

The New York Yankees and Bank of America ended months of negotiations on a long-term, high-profile sponsorship agreement, fallout from the financial industry's decision to accept aid from the federal government.While the sides never discussed naming rights to the team's new $1.5 billion stadium, they had talked about the possibility of a 20-year deal that would have included signage, special events and tickets.

"With the downturn in the economy and the effect on financial institutions including government support of those institutions, we have determined that it is better to enter into a traditional business arrangement with a financial institution," Yankees spokeswoman Alice McGillion said.Bank of America has been the team's official bank since 1994, according to spokesman Joe Goode.