Apparently, GMAC LLC will continue its sponsorship of the GMAC Bowl, which took place last night, despite its acceptance of $6 billion from the Troubled Asset Relief Program.
From the Alabama Press-Register:
The bailout has not had an impact on the auto lender’s agreement to be the title sponsor of Mobile’s bowl game, sources close to the bowl confirmed Tuesday.
GMAC and the bowl game have an undisclosed financial agreement that continues through next year’s game. The agreement could be continued into future years, although a deal has not been struck.
GMAC has declined to comment on its financial pact with the bowl, stating that the company does not disclose the specifics of its marketing program.
The GMAC Bowl also has one more year remaining on its TV contract with ESPN, though a long-term extension is expected soon, according to ESPN Vice President of Programming Dave Brown.
GMAC’s original agreement with the bowl game continues through next year, and that contract most likely forces GMAC to continue its obligation. I can’t say this passes the smell test, though. It just seems wrong for taxpayers to be, in some way, footing the bill for this sponsorship.
By the way, Tulsa University blew out Ball State University in the game last night 45-13.