386 million dollars. This is the economic impact of the Chicago Marathon in the Windy City in 2022 and which it aspires to surpass by 2023. 42,000 runners, 2,800 jobs created and 290 million dollars raised for charitable initiatives. Bank of America is the organizer and main sponsor of this ‘major’ since 2008. Rita Cook, president of the bank, analyzes for EFE a million dollar business two days before the dispute in its new edition .
It took Kenyan Benson Kipruto just 2 hours, 4 minutes and 24 seconds to win in 2022. Her compatriot Ruth Chepngetich won the women’s event in 2 hours, 14 minutes and 18 seconds. The economic benefit, however, came from more than 42,000 participants. “The Marathon drives tremendous economic activity in the tourism, hospitality and retail sectors,” Cook said in an interview with EFE.
Bank of America has named and organized the Chicago Marathon since 2008. Furthermore, in March of this year he signed a ten-year contract with Boston. His portfolio includes two of the six ‘greats’ of the season. American football, baseball, golf and motor sports are other parts of its strategic plan.
Question: Chicago will be the center of the athletics world this Sunday. What effect does the Marathon have on the city?
Answer: The Chicago Marathon welcomed 42,000 participants in 2022 and created an economic impact of $386 million. It also created more than 2,800 jobs. 33% of participants in 2022 came from abroad, something that provided a huge economic boost to Chicago’s tourism, hotel industry, and retail sector during a year when the city would have a tourism slump for weather factors.
Q: What spending data do you have?
A: A study conducted by Bank of America revealed that the highest level of economic activity occurs in hotels, restaurants, transportation and entertainment areas. Each visitor spends an average of $664 per day.
Q: How did the agreement between Marathon and Bank of America come about?
A: The sponsorship was achieved by Bank of America with the acquisition of ‘LaSalle Bank’ (a local Chicago bank acquired by Bank of America in 2007). Since 2008, the race has been owned and organized by Bank of America.
Q: What elements of Marathon convinced you to make this investment?
A: The impact of a marathon on runners, their families, friends and communities is enormous. We see this in the hundreds of marathons held in our communities in the United States and around the world, each one giving us an opportunity to activate our brand through the global running community.
Q: Your bank closed a 10-year deal with the Boston Marathon in March.
A: Like the Chicago Marathon, the iconic status of the Boston Marathon is what drew us to partner with the event. By combining the popularity of the Boston Marathon with the size and scale of Bank of America, we believe we can impact communities around the world by making running, and health and wellness, more accessible.
Q: The Chicago Marathon raises millions of dollars each year to donate to charitable initiatives. What kind of contribution does your bank provide?
A: The Chicago Marathon charity program helped make our vision for this iconic event a reality. Each year, we welcome thousands of runners, each committed to running for a nonprofit organization working to build a stronger Chicago.
Last year, over 12,000 runners raised more than $27.6 million for charities and we expect over 14,000 runners to raise funds this year.
Q: How much money has been donated thanks to the Marathon?
A: Since the project began in 2002, more than 170,000 runners have raised more than $292 million for 190 charities. Bank of America is committed to creating access and opportunities for diverse people and communities through sports. This year, we hosted our second annual ‘Play It Forward Running’ clinic. We will welcome fifty young runners and let them spend an afternoon with elite athletes.
Q: What sports are part of your strategic plan?
A: Our sponsorship portfolio covers many sports and events, including professional football, baseball, golf and motorsport.
Source: La Verdad
I’m Jason Root, a professional writer working with Today Times Live, the premier news website. I specialize in sports writing, covering the biggest stories in the world of athletics. With an eye for detail and a passion for storytelling, I provide engaging and informative articles that capture the key elements of any event or issue. My work has been featured on numerous respected websites and publications around the world.
