Mary-Ellen Field from Brand Finance talks about the risk/benefits of using celebrities vs. events with the apparel industry as her case study. Her thesis: Adidas wasted a "golden" opportunity with the 08 Olympics and Puma took market share with celeb endorsements like Usein "Lightning" Bolt. On the flip side, the Man-Ram's and A-Rod's make celeb endorsements a whole other (and potentially more dangerous) minefield for brand sponsorship. Bottom line, do your due diligence or don't be surprised. Both events and celebs have risk and it's your job to know and manage that risk PRIOR TO THE DEAL, rather than after the fact.