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My father used to own a softball complex. We had two diamonds with a lower level concession (ball field level) then a upper deck with a walk in bar with seating. We had 8 teams a night playing (at least 80 ball players) and dozens of spectators, mostly all adults.
Ok, now to the point. We had large signs (4x8 with whatever you had designed on them) along the outfield fence. It looked real nice with the warning tracks and all but they did not do a good job at generating direct sales. They were great for name recognition though. I would imagine it would be about the same with little league. To tell you the truth I can't remember who sponsored my sons team last year (it was a trucking company). They had the name on the shirt (no phone number) and name on hat.
The one thing that might work is that the kids parents on your team might want to thank you by giving you the opportunity to bid their lawns (not that you save the parents any money they still pay their dues). Out of 10 parents you might get 1 or 2 to sign on (just a guess). I doubt it will get any business outside of the team itself. Unlike signs you only have spectators at one game seeing your message.
This is just my opinion and why I didn't offer to sponsor my sons team. In my situation I figured I would just drive the company truck to the games.
I know of a local hardware guy that it doing little league sponsership this year. It costs him $500 for the year, they handle the t-shirt printing, and he can put up a sign out in the outfield on the fence. To me, just seems like of expense. I do like the idea of the sign though. But $500 for 3-4 months seems like of high. Also, people will only be there approx (and I am guessing) 4 hours a day, maybe 3 to 4 days a week.
I think there are other advertising methods that will give you a better bang for the buck. Many of these community sponsor advertisements are done for reasons more than just return on investment.
Maybe the local hardway owner has family in the team or loves baseball, etc....