Multiple sponsorships, which refer to sponsees that are sponsored by two or more brands, are gaining managerial relevance. Surprisingly, prior research has focused on single sponsorships, i.e., sponsees with only one sponsoring brand. This study is first to analyze image transfer effects within multiple sponsorships. Specifically, this research investigates image transfer effects (1) from the sponsee (e.g., FIFA World Cup) to the sponsoring brands and (2) between the sponsoring brands as well as the influence of the fit between the participating entities and brand familiarity on these transfer effects. The findings indicate that a familiar sponsoring brand primarily benefits from the sponsee, whereas an unfamiliar sponsoring brand mainly benefits from a connection with a familiar sponsoring brand.