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Bank of America Corp., which received $45 billion in government bailout money, ended talks with the New York Yankees about a sponsorship agreement, amid government pressure and a weakening economy.

“We have concluded our negotiations with the Yankees on a long-term agreement,” Bank of America spokesman Joe Goode said. The discussions, which didn’t including a naming-rights deal for the team’s new stadium, ended early last month.

Companies that received U.S. funds are under scrutiny as President Barack Obama and lawmakers respond to public outcry over executive bonuses and questionable expenditures. Citigroup Inc. has been criticized by lawmakers for its 20-year, $400 million naming-rights deal for the New York Mets’ new stadium in Queens. That bank said it isn’t spending bailout funds on the Mets.

“We recognize that our decision not to pursue a long-term partnership with the Yankees reflects a lost revenue opportunity for our company,” Goode said in an interview. “We still see tremendous value in the Yankees both as a business partner and a long-term marketing platform and it’s our plan to explore alternative ways to maintain our business relationship with the club.”

Yankees spokeswoman Alice McGillion said because of the economic slowdown, “it is better to enter into a traditional business arrangement with a financial institution.”

The SportsBusiness Journal reported in September that Bank of America was close to an agreement to become the largest sponsor for the Yankees’ new stadium in the Bronx, a deal valued at about $20 million a year. The end of discussions was reported earlier today by Newsday.

(Source: Bloomberg)