Meaning of the word "sponsored by" in English

What does "sponsored by" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

sponsored by

US /ˈspɑːn.sɚd baɪ/
UK /ˈspɒn.səd baɪ/
"sponsored by" picture

Phrase

supported or paid for by a person or organization

Example:
This charity event is sponsored by a local bank.
The research was sponsored by the government.
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