Recently many firms are trying to improve the corporate image and build the brand equity through sports sponsorship marketing that is an important element of integrated marketing communication strategy. The brand equity built upon successful sports sponsorship marketing influences the increase in profitability and value of the firm that is achieved by maintenance of existing customers, acquistion of new customers and increased cash flows.The purpose of this study is to find the effect of sports sponsorship marketing on the financial performance of the firms. For this purpose this study uses event study methodology which has been developed by the area of financial management. Specifically we analyze the change in stock return before and affer the special marketing event(i.e., sponsored sports team and sports player win the championship).The results of empirical analysis show that what sponsored sports team and player win the championship generates abnormal stock return. The implication of this study is that successful sports sponsorship marketing influences the creation of strong brand equity and increase in the value of the firm.