Capital One inks $125M MLB sponsorship deal

Tysons-based Capital One Financial Corp. has signed a deal reportedly worth $125 million to become the official bank and credit card partner of Major League Baseball and the presenting sponsor of the World Series, Capital One and Major League Baseball announced Monday.

CNBC reported the deal is worth $125 million over five years.

The Fortune 500 banking corporation is already a sponsor of collegiate athletics, including basketball and football events.

“Capital One’s partnership with MLB is the latest example of our commitment to our customers, who are passionate about sports and the teams they support,” said Roger Ferguson, managing vice president of sponsorship at Capital One. “Through this partnership, we look forward to teaming up with MLB to not only provide our customers with amazing benefits, but also to expand our companywide commitment to promoting and celebrating diversity, inclusion and belonging, inspiring fans of our national pastime in the process.”

The partnership unlocks perks for the bank’s credit and debit card holders, including access to special events such as MLB’s All-Star Week, the MLB postseason and the World Series. Additionally, Capital One reward cardholders will be able to redeem rewards for tickets to MLB games around the country and access VIP experiences.

“We’re thrilled to welcome Capital One to the baseball family,” MLB Chief Revenue Officer Noah Garden said in a statement. “As we’ve seen with so much of their previous work, Capital One knows how to tap into the passion of sports fans everywhere, and we can’t wait to see that engagement throughout baseball.”

Capital One will also work with charitable organizations the league partners with, including the Jackie Robinson Foundation, which administers scholarships and leadership development programs for minority college students.

CNBC reported that MLB’s sponsorship revenue rose to roughly from $1 billion to $1.7 billion in 2021.