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Sponsoring something (or someone) is the provision of financial support for an event, activity, person, or organization by providing products or services. The person or group that provides support as a benefactor is known as a sponsor. Sponsorship is a monetary and non-monetary payment paid for a property (usually in sports, arts, entertainment, or events) in exchange for access to exploitable commercial potential associated with that property. Although the sponsor (sponsored property) may be non-profit, unlike philanthropy, sponsorship is done with a view to generating commercial profits.

While sponsorship can lead to increased awareness, brand building, and buying propensity, it is different from advertising. Unlike advertising, sponsorship cannot convey certain attributes of a product. Moreover, it cannot exist on its own since sponsorship requires elements of support. A number of psychological and communication theories have been used to explain how commercial sponsorship affects consumer audiences. Most use the idea that the brand (sponsor) and event (sponsor) are linked in memory through sponsorship, and as a result, the brand mindset can trigger related events. Cornwell, Weeks, and Roy (2005) published an extensive review of theories that have been used so far to explain the effects of commercial sponsorship.

One of the most common results of sponsorship is that the best results are achieved when there is a logical match between the sponsor and the sponsored, such as a sports brand sponsoring a sports event. However, the work of Cornwell and colleagues has shown that brands that do not have a logical fit can still benefit, at least in terms of memory effects, if the sponsor formulates some rationale for sponsorship to the public.

Any sponsorship must be based on a contractual obligation between the sponsor and the sponsored party. Sponsors and sponsored parties must establish clear terms and conditions with all other partners to determine their expectations for all aspects of the sponsorship deal. The sponsorship must be recognizable as such.

The terms and conditions of sponsorship must be based on the principle of good faith between all parties to the sponsorship. There must be clarity about the rights being traded and confirmation that they are available for sponsorship by the copyright holder. Sponsored parties must have the absolute right to determine the value of the sponsorship rights they offer and the suitability of the sponsor with whom they are contracting.

The sponsor sales cycle is often a lengthy process that consists of exploring prospects, creating customized offers based on the company’s business goals, finding suitable contacts within the company, receiving purchases from multiple clients, and finally negotiating advantages/prices. Some sales can take up to a year, and sellers report spending 1 to 5 hours researching any company they see as a potential sponsorship prospect.