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Sponsorship of sporting and other events has become an increasingly popular marketing communications vehicle. However, little research has investigated how sponsorship participation is beneficial to a firm and its brands. This study explores how managers view the brand-equity-building capabilities of their sponsorship linked marketing programs over time. In a two-phase survey, fifty managers report on the value of sponsorships in building brand equity. Findings show that “leverage,” the use of advertising and promotion to support the sponsorship, and active management involvement are significant predictors of both the perceived differentiation of the brand from its competitors and adding financial value to the brand.