This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ivy League Regatta Rows Into Headwind

BOSTON ( TheStreet) -- It draws 300,000 spectators a year, fills tents with legions of eligible prep and Ivy League alumni but couldn't land a major sponsor until almost a month before it starts. While its rowing field is as strong as ever, the Head of the Charles Regatta is hurting this year.

"We have had to cut back significantly, and it's been a struggle," says Fred Schoch, the regatta's executive director. "If you asked me 45 days ago if we were going to break even, I would have said no."

Before Hopkinton, Mass.-based EMC Corp. (EMC - Get Report) stepped in as a sponsor, the tony rowing event on the Charles River between Boston and Cambridge was $500,000 in the red heading into its Oct. 16 and 17 races. Longtime sponsors Audi, owned by Volkswagen (VLKAY), and VF Corp.'s Nautica (VFC - Get Report) pulled out, while firms including MetLife (MET - Get Report) and UBS (UBS) felt the $50,000 to $100,000 they'd allocated to private hospitality tents in previous years could be better spent elsewhere. Even the state of Massachusetts, whose tourism board usually kicks in a portion of the proceeds, pulled out amid a revenue shortfall.

The regatta is just one of many events this year struggling to keep its head above water. Advertising and sponsorship revenue for all U.S. sporting events dipped an estimated $2 billion this year after holding at $32 billion in 2006 and 2007, according to Plunkett Research. Global advertising in general has decreased for much of the past two years, with the Nielsen Co. reporting ad buys down 6.8% for the first half of the year compared with 2008.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
VLKAY $50.61 0.00%
CMG $637.50 0.00%
ENZY $9.16 0.00%
EMC $26.50 0.00%
MET $50.66 0.00%


DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs