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Although sports sponsorships build brand awareness, they also can highlight concerns about the congruence between a fan’s identity and the sponsor. While sponsoring venues (e.g., Clark, Cornwell, & Pruitt, 2002) feature positive market reactions, we find negative market reactions for sponsors of European football team kits. We suggest that the negative findings are related to concerns for rival fan backlash, as well as a perceived lack of congruence between the sponsor identity and the team identity. In addition, market reactions are more severe for sponsors that are both North American and technology-based firms.
