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Sports sponsorship accounts for the majority of global sponsorship revenue and is a mutually beneficial business relationship between two parties -the sponsor and the sponsee. The most successful sports sponsorships are based on a good relationship between the sports entity and its sponsor, however, the relationship between the sponsor and the sponsee is difficult to understand due to the lack oftheoretical and managerial implications of the area. Thus, the purpose of this thesis is to provide a better understanding of how sport entities and their existing sponsors manage their interorganizational relationship. In order to reach the stated purpose, research questions are derived focusing on the exchange and the maintenance of the sport sponsor relationship. Based on the research questions, an extensive literature review is conducted landing in a proposed conceptual framework. A qualitative case study approach is used to collect data through semi-structured interviews with two national and two international professional sports organizations. The result of the study shows how the existing relationship between sports organizations and their sponsors is managed. The most valued aspect in a sport sponsorship relationship is to develop a long-term partnership and that the parties involved are committed to the relationship and work actively to make it mutually beneficial. The sponsors are for the most partincluded in the activities of the sport entity, which posits high-quality communication as an essential tool in maintaining a successful relationship. In order to maximize the value generated from the offered benefits, the partners must be willing to utilize the full potential in participating in the sport entity’s various activities.