The project sponsor is the person who pays for the project. Because he or she is paying for the project, they get to decide on the project scope, schedule and budget. They’re the ones really taking the big decisions. The project manager makes sure things get done. The project manager takes the sponsors decisions on the scope, schedule and budget, and does her best to deliver what’s required. The project manager does not take decisions as to which features get developed, or how long the team has to do the work. That’s the sponsor’s job.
Let’s say your team is the crew of a sailboat. In this case, the sponsor that would be the captain decides where the boat goes, and when it should arrive. The sponsor also decides how big the crew will be. These decisions are transmitted to the project manager, who organizes the work shifts, works out an itinerary, and does everything in her power to motivate the troops and get the boat where it’s expected to be, when it’s expected to arrive.
If something happens and the project manager realizes that the boat can’t reach its destination on time, she takes that problem to the sponsor, who decides what to do about it.

Sponsors are the most valuable source of revenue for a small company. The business sponsor relationship is facilitated through the stakeholder management knowledge area of the project manager. Obtaining sponsorship for any business with minimal resources are almost always entirely dependent on sponsorships. In obtaining these sponsorships, the success of the business model must provide a return of investment for the sponsor. Therefore, it is of the project manager's top priority to meet the customer needs of the sponsor. Failing to meet the interest of the sponsor will result in the end of any further business relationship with the sponsor and may lead to the ultimate downfall of the small company. Company's are constrained to only work on projects that will bring in money, and if a sponsorship is the essential source of revenue for a small company, then their business decisions are constrained to that sponsorship.

Business sponsors are a very valuable resource that companies have. Therefore, the relationship between business and sponsor must be a strong one. The relationship mainly revolves around the first stages of project development since a sponsor is deciding on how much money to give, aka the budget of the project. Once this is done the sponsor works with the project manager in order to decide what the scope of the project will be. obviously, the sponsor will have their own ideas and standards and its up to the project manager to be realistic and work with the sponsor to find common ground. After all this is done the sponsor will most likely periodically check up on the project, but it is now up to the project manager to deliver.

The main important part to get the successful project is to have business sponsor. Without the sponsorships, it can be get difficult or else they project group people have to pay by them own. So it's becomes important to have a strong relationship with the business sponsors. In return the business sponsors are expecting the profit from the following project It's the duty of the project manager to complete the project within time. Manager should make meetings with the sponsors and show the process of the project work.

The idea of sponsorship is to develop strong relationships between the business and its customers due to their common ties with the sponsored individual , event, or the organization. Sponsorship provides a great means of broadening your competitive edge by improving your company image, prestige, and credibility by supporting events that your target market finds attractive. Sponsorship provide attractive content for a range of products and services, support a sales promotion campaign.

Sponsor is a natural or legal person that contributes to the implementation of a project in support of the latter, and the advertisement of some goods, services and activities or owning himself.

The actions of the person who wants to become a sponsor, in most cases aimed to attract the attention of the relevant target audience. In this business the financier is not intended to obtain only income.

To search for a potential sponsor, it is necessary to explore the market, gather as much information as possible about the selected potential sponsors: the site, the target audience, the size of the advertising budget, and the organization's competitors.

Sponsors are an integral part of the project as they provide much for the resources required for the project to run. Thus, it is necessary to maintain strong ties and connections to sponsors or else essential funding/capital would not be possible. In a sense, a sponsor - just like a producer in the film - provides much-needed resources in order for the business to carry out its project and they work together with the project manager (the director of the film) to carry out the project and manage scope. 

The Sponsors are positioned above the project manager in the company hierarchy.
The project manager is accountable to the Sponsor to implement the sponsors vision, to seek approval from for scope, budget and resources.

The sponsors would periodical expect reports from the project manager demonstrating the project continues to align with business strategy, goals and objectives.
The sponsors would approve realization of project deliverable's
The sponsors would approve milestone completion for phases of the project