This paper examines how sponsors perceive the impact of different elements of a sponsorship package on brand equity. An empirical study using an online survey was conducted among key managers involved in sponsoring football clubs in the Netherlands. This study develops a formative measure of sponsorship, termed the Sport Sponsorship Index, and links this measure with brand equity. Results indicate that the various facets of a sport sponsorship package, such as exposure of the brand and coverage of the sport, are perceived by sponsors to contribute differently to the impact on brand equity. Within sponsorship negotiation, these findings assist all parties in understanding the relative importance of the elements of a sponsorship in fulfilling brand-related objectives. By constructing and validating an adequate scale of the key components incorporated into a sponsorship package, we provide sport administrators with item level diagnostics which can contribute to improving their sponsorship offering.