Bank of America has agreed a one-year contract extension with the New York Yankees. Months of talks between the two parties aimed at securing Bank of America a 20-year deal with the iconic baseball club broke down earlier in the year, under the pressures of the global recession. However, the two parties have agreed to extend the existing package, worth US$10 million per year, for another 12 months.

Lonn Trost, the club's chief operating officer, had confirmed at the time that the Yankees would attempt such a deal. He said in February: "It just doesn't seem like this is the time to do something special with a financial institution."

Bank of America received a US$20 billion federal bailout from the US government through the TARP programme in January. Bank of America spokesman Joe Goode told Associated Press: "While we couldn't proceed with a long-term partnership, we have extended our current sponsorship agreement with the Yankees for one more year."