"We will not directly support Penn State football this year," State Farm spokesman Dave Phillips said Tuesday. "We just feel it was the best decision."
State Farm had no immediate information on how much money is at stake.
The NCAA imposed unprecedented sanctions against Penn State on Monday, including the fine, a four-year bowl ban and a sharp reduction in the number of football scholarships it may offer.
The governing body also erased 14 years of victories, wiping out 111 of coach Joe Paterno's wins and stripping him of his standing as the most successful coach in the history of big-time college football.
NCAA President Mark Emmert said he relied on a report by former FBI Director Louis Freeh, who found that Paterno and three top officials concealed child sexual abuse allegations against Sandusky more than a decade ago to protect the school and its powerful football program.
With Penn State's once-sterling reputation in tatters, the university could face an exodus of sponsors unwilling to have their brands linked to scandal, said Kevin Adler, founder of Chicago-based Engage Marketing Inc.
Adler said he would advise current sponsors to pull out of their deals with Penn State, adding that most contracts have morality clauses giving advertisers an out.
"I think the public perception is pretty clear and definitive at this point. That brand is damaged beyond the point of short-term repair. It is the sponsorship partner's obligation first and foremost to look after the health of their own brand," Adler said. "None of the sponsors owe Penn State anything."
So far, though, Penn State appears to be hanging on.
...
http://www.philly.com/philly/sports/colleges/20120724_ap_pennstatelosesonesponsorotherscouldfollow.html
Shared using News360 for the iPad. Learn more at http://news360app.com
State Farm had no immediate information on how much money is at stake.
The NCAA imposed unprecedented sanctions against Penn State on Monday, including the fine, a four-year bowl ban and a sharp reduction in the number of football scholarships it may offer.
The governing body also erased 14 years of victories, wiping out 111 of coach Joe Paterno's wins and stripping him of his standing as the most successful coach in the history of big-time college football.
NCAA President Mark Emmert said he relied on a report by former FBI Director Louis Freeh, who found that Paterno and three top officials concealed child sexual abuse allegations against Sandusky more than a decade ago to protect the school and its powerful football program.
With Penn State's once-sterling reputation in tatters, the university could face an exodus of sponsors unwilling to have their brands linked to scandal, said Kevin Adler, founder of Chicago-based Engage Marketing Inc.
Adler said he would advise current sponsors to pull out of their deals with Penn State, adding that most contracts have morality clauses giving advertisers an out.
"I think the public perception is pretty clear and definitive at this point. That brand is damaged beyond the point of short-term repair. It is the sponsorship partner's obligation first and foremost to look after the health of their own brand," Adler said. "None of the sponsors owe Penn State anything."
So far, though, Penn State appears to be hanging on.
...
http://www.philly.com/philly/sports/colleges/20120724_ap_pennstatelosesonesponsorotherscouldfollow.html
Shared using News360 for the iPad. Learn more at http://news360app.com
Victor Cuvo, Attorney at Law
770.582.9904
(sent from new iPad)
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