Every sport has benefited from sport sponsorships. Whether it’s the local pizza shop sponsoring a little league baseball team or a national brand like GM a MLB, sport sponsorships have become the lifeblood of many athletic programs.

There’s a change coming, though.

The current economic slump has cast a gray cloud on the world of sport sponsorships and the budget cuts being taken by many marketing department have most immediately occurred in the sports arena. Small stickers placed on the window near NASCAR, a location called the B-pillar can sell for as much as $400,000, and naming right sponsorships represent hundred-million dollar investments over two or three years. Too high a price tag? For some, it is.

• Mercedes Benz ended its partnership with the Milwaukee Brewers.
• Home Depot suspended its sponsorship of the Olympics.
• GM its support of the Pittsburgh Pirates and New York Yankees.
• The Arena Football League opted not to hold a 2009 season based on a dismal economic outlook for the year, in part because of sponsorship support.

Even in the global market, the once coveted soccer club jersey sponsorships have begun to disappear, with more than five teams currently seeking sponsorship deals. Will it end? Maybe. And, maybe this is a healthy exercise for companies and sports franchises to reevaluate the worth and value of these partnerships.

Personally, I see great value in sponsorships of all types, especially sports sponsorships which studies have shown reach an audience that tends to be more brand loyal than others. I think that the current economy, though, must force companies to evaluate the strategic effectiveness of these programs. If it’s the best way to build brand awareness, if it’s the best way to build brand awareness, and if it can provide the company value for its investment, then, yes, sports sponsorships have great value.

Taking this one step further, I think that the sponsorships must involve more than a moniker and a logo placed on a stadium program or at the end of a commercial. It should engage consumers in the brand and offer an immediate return on marketing objectives set forth by the brand.

So, is there value in sport sponsorships? And, is that value enough to justify a continued focus on these athletic partnerships, even during tough economic times?