Capital One is the new financial partner of Major League Baseball.
According to a statement made Monday, the business would become MLB’s “exclusive bank and credit card partner.” The deal’s terms were not disclosed, but sources close to the situation told that it will cost MLB around $125 million over five years. The individuals did not want to be identified because the figures were not made public.
Capital One will be a presenting sponsor for the World Series, and the bank will be able to use MLB and its 30 clubs in promotional campaigns.
The league’s agreement with Capital One comes only weeks after the league and the MLB Players Association reached an agreement after a nearly 100-day labour dispute. Spring training and the regular season, which will begin on April 7, have been postponed due to the labour stoppage.
Capital One will leverage its MLB partnership to provide cardholders with advantages at major MLB events such as the All-Star Game, Home Run Derby, and the 2022 Field of Dreams game. The corporation will also assist the Jackie Robinson Foundation by sponsoring Little League, college, and minor league baseball games.