This study provides a framework for understanding the effect of spectators' identification with a team and their involvement in sports on their recall of advertising boards. First, the causal relationships between team identification, involvement in sports and program- induced emotions (mood/arousal) were examined. Second, the effect of program-induced emotions on spectators' perception of advertising boards was examined. Two 2010 South Africa World Cup soccer games (Korea versus Greece and England versus Slovenia) were used in the study. The survey was conducted through questionnaire on the day after the games for 24 hours. University and graduate school students (N=584) from the Busan area participated in the survey and utilized structural equation modeling for data analysis. The results of this study reveal that fan-team identification had a positive effect on program-induced mood and arousal. This may indicate that highly identified spectators feel higher levels of mood and arousal than their less team-identified counterparts. Involvement in sports had a negative effect on mood, but there was no significant effect on arousal. This shows that lowly involved spectators feel higher levels of mood than their opposites. Mood had a positive effect on arousal, and arousal had a negative effect on the recall of spectators' advertising boards. The implications of these findings for sponsors and sports teams are examined, and future research directions are outlined.