Bank of America has declared that it will end its sponsorship deal with the US Olympic Committee (USOC) unless the deal is completely restructured.

The bank has called on the USOC to find "alternative ways" to make the deal work. Whether that means a lowering of the US$3 million price tag or a greater marketing presence in return for its cash is unclear. What is not unclear, though, is the bank's dissatisfaction with the current deal.

"The bank cannot renew its existing sponsorship as structured," said Joe Goode, Bank of America's senior vice president of global media relations. The bank is cutting several billion dollars of annual costs and a possible 42,500

Bank of America has been a sponsor of the USOC for the last 17 years. The USOC described itself as "confident that we can find a structure that will work."