As noted in your text, critics contend that event sponsorships, especially those of the sporting kind, can be

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Critics argue that event sponsorships, particularly of the sporting variety, can be ego-driven and a waste of money. They believe that companies may be more focused on the prestige and recognition associated with sponsoring a high-profile event or team, rather than the actual return on investment.

As Noted in Your Text, Critics Contend That Event Sponsorships