Bank of America Corp. entered a decade-long deal to become the title sponsor of the Boston Marathon, one of the world’s oldest annual racing events. 

Starting in 2024, the race will be referred to as “The Boston Marathon presented by Bank of America,” the Boston Athletic Association announced Monday. This year’s event—the 127th—will still be sponsored by Boston-based John Hancock, which has backed it for almost four decades.

Financial terms of the deal with Charlotte, North Carolina-based Bank of America weren’t disclosed.
 

“Our big objective is to leverage the scale of Bank of America to help the Boston Marathon have a bigger impact on communities not just in Boston but all around the United States,” David Tyrie, Bank of America’s chief digital officer and head of global marketing, said in an interview.

The lender will get more than 100 race bibs through the deal, which will be distributed through programs across the country, said Tyrie, a resident of the Boston suburb of Needham. Title sponsorship helps finance the race itself and gives Bank of America naming and marketing rights surrounding the event. 

The 26.2-mile marathon course that winds from Hopkinton, Massachusetts, to Boylston Street in Boston will remain the same, but Bank of America and the Boston Athletic Association are considering changes to make the race more accessible, said Jack Fleming, the association’s CEO. This year’s race, on April 17, will have a field of almost 30,000 runners who gain entry through time qualification or charity groups. 

The partnership with Bank of America “prepares us for the future—not just next month’s race, but inspiring the next generation,” Fleming said in an interview. “It will be a tremendous boost for the sport of running.”

The partnership will make BofA the title sponsor of two out of six World Marathon Majors, along with the Chicago Marathon. The series offers prize money to top professional runners and wheelchair athletes. Prizes paid to Boston’s top finishers over the past 35 years total more than $20 million, according to the Boston Athletic Association.

When John Hancock, the insurance company that’s sponsored the race since 1986, announced it would not renew its deal, the association started conversations with potential new partners.

“Bank of America quickly became a frontrunner,” Fleming said. “We pursued it and they pursued us aggressively.”

Bank of America is no stranger to Boston. Its ties to the city stem from its 2004 acquisition of FleetBoston Financial Corp., and Bank of America CEO Brian Moynihan is a resident of Wellesley, Massachusetts, one of the eight towns and cities on the marathon course.  

Both the New York and London Marathons—also World Marathon Majors—have Tata Consultancy Services as their title sponsor. In 2021, the company announced plans to invest $30 million to $40 million annually in global running sponsorships and related community programming through 2029. The Berlin Marathon is sponsored by BMW AG, and the Tokyo Marathon has dozens of official partners but no title sponsor.

—Bloomberg News