This study explores the relationship between two theoretical constructs: brand image and brand equity in the context sports sponsorship. The sporting context for the study was the 2003 Rugby World Cup held in Australia. The research focused on the sponsorship relationship between the New Zealand All Blacks and their major sponsor and co-branding partner, adidas. Keller's (1993, 2003) customer-based brand equity models were the conceptual inspiration for the research, with Faircloth, Capella and Alford's (2001) conceptual model - adapted from the work of Aaker (1991) and Keller (1993) - the primary conceptual model. Data was collected from two independent samples of 200 respondents, utilizing simple random sampling procedures. A bivariate correlation analysis was undertaken to test whether there was any correlation between changes in adidas's brand image and adidas's brand equity as a result of the All Blacks' performance in the 2003 Rugby World Cup. Results support the view postulated by Keller (1993, 2003) that brand image is antecedent to the brand equity construct. Results are also consistent with the findings of Faircloth et al (2001) who found that brand image directly impacted brand equity.