Sponsorship is a partnership where one party provides support, usually financial, to another party in exchange for promotional benefits. For example, a company might sponsor a local sports team, providing funds for uniforms and equipment. In return, the team displays the company's logo on their jerseys, helping the company gain visibility and attract customers. This arrangement can be beneficial for both sides. The sponsored party, like a charity event or music festival, receives the necessary resources to operate, while the sponsor, such as a business or brand, enhances its reputation and reaches a wider audience.