Credit Suisse Collapse Leaves Sports Sponsorships In Limbo
Zeeshan Mehtab Published March 23, 2023 | 07:42 PM
The takeover of Swiss bank Credit Suisse leaves many sports stars, teams and tournaments with a big question mark hanging over their lucrative sponsorship deals
Geneva, (APP - UrduPoint / Pakistan Point News - 23rd Mar, 2023 ):The takeover of Swiss bank Credit Suisse leaves many sports stars, teams and tournaments with a big question mark hanging over their lucrative sponsorship deals.
The Swiss national football team, the country's top football division, tennis great Roger Federer, golf star Sergio Garcia and Zurich's new stadium were all sponsored by the bank, which is being taken over by Swiss rival UBS.
The deal was hastily arranged on Sunday after Credit Suisse's share price plunged.
Golf and equestrian events also relied on Credit Suisse money, as did the Swiss Sport Aid Foundation, which backs talented young athletes in minority sports.
"Our sponsorships reflect our passion for excellence, sustainability, and partnership," Credit Suisse boasts.
The Neue Zurcher Zeitung newspaper said that no matter how much Credit Suisse got embroiled in scandals or rejigged its strategies, "the bank has always been a reliable partner for sports".
"For the time being, we will continue our corresponding commitments unchanged," a Credit Suisse spokesman told AFP.
But UBS, which has its own portfolio of sports sponsorships focusing on Formula One, athletics and ice hockey, may not necessarily continue with the deals.
- Football focus - Credit Suisse has been the main sponsor of the Swiss Football Association (SFA) governing body since 1993.
The men's national team, ranked 12th in the world, has enjoyed some of its best years since the bank came on board.
Having only appeared at one World Cup between 1966 and 2006, Switzerland have qualified for the last five World Cups, reaching the last 16 in four of those tournaments.
The contract runs until June 30 next year. It is worth around five million Swiss francs ($5.4 million) per year, according to Blick newspaper.
The Credit Suisse logo will stay on the national teams' training jackets and jerseys for as long as the bank exists, SFA spokesman Adrian Arnold said ahead of Saturday's Euro 2024 qualifier against Belarus.
"We had good discussions with our contacts at Credit Suisse, who assured us that the existing contracts would be honoured," Arnold said.
"We would like the partnership to continue thereafter, in whatever form." Credit Suisse is also the main sponsor of Switzerland's bid to host the 2025 women's European Championships, and the takeover comes shortly before the hosting decision is due on April 4.
The bank is the title sponsor of the Super League, Switzerland's 10-team top football division, including well-known clubs like Young Boys, Grasshopper, FC Zurich and FC Basel.
Blick said the contract runs until 2025 and is worth around eight million Swiss francs ($8.7 million) per season.
Money goes into every club as well as the tournament, with the bank's name appearing on all team strips and on advertising boards around the stadiums.
In 2019, the bank won the naming rights for a proposed new football stadium in Zurich, where Grasshopper and FC Zurich are expected to play.
But the planned "Credit Suisse Arena" has faced delays. It was due to open in mid-2022, but little progress has been made and its future now seems even more uncertain.
- Close ties to Federer - Federer is by far the biggest name associated with Credit Suisse.
Although Switzerland's greatest sports star retired in September, he remains a brand ambassador for Credit Suisse.
The bank was on board for his transition into a post-tennis career, saying: "We look forward to many more years together".
Federer has a host of other sponsors he can fall back on, including Rolex, Lindt, Mercedes-Benz and Moet et Chandon.
Credit Suisse also sponsors the Federer-instigated Laver Cup, which features six top men's tennis players from Europe against six from the rest of the world, captained by Bjorn Borg and John McEnroe.
The Laver Cup did not respond when contacted by AFP.
Related Topics
Recent Stories
Meezan Bank, Roche Pakistan join forces to combat breast cancer
Tamasha to livestream ICC men's T20 World Cup 2024
Pakistan and Japan Final clash in Azlan Shah Hockey Cup 2024 on Saturday
Reasons to experience magic of Sharjah Children’s Reading Festival this weeken ..
Eight unfrequented routes closed to secure Karachi
Paris officer 'between life and death' after police station shooting
Renowned journalist Mazhar Abbass unveils Abbottabad cricket trophy
Lists of farmers entitled to get gunny bags displayed at Passco purchase centers
DC Jhang visits DHQ Hospital, orders revamp, improved care
Regional head Federal Ombudsman visits NBP Shikarpur
CDA chief directs construction of cycling tracks in diplomatic enclave
Recovery of Ammunition by Customs at international Departure JIAP Karachi
More Stories From Sports
-
Tamasha to livestream ICC men's T20 World Cup 2024
4 minutes ago -
Pakistan and Japan Final clash in Azlan Shah Hockey Cup 2024 on Saturday
10 minutes ago -
Pakistan-New Zealand match ends in 1-1 draw
2 hours ago -
CAF Confederation Cup final set for Morocco amid drama
6 hours ago -
Sanchez escapes through dust and gravel for nervy Giro triumph
19 hours ago -
Wolfsburg win 10th straight women's German Cup final
19 hours ago
-
Pakistan , Ireland to lock horns in first T20I match tomorrow
20 hours ago -
Pakistan takes on Ireland in inaugural T20I series on Friday
21 hours ago -
Meeting reviews arrangements for Shandur Polo Festival
20 hours ago -
Mbappe gets ready to say goodbye as PSG digest Champions League exit
20 hours ago -
Nadal squeezes past qualifier Bergs in Rome opener
23 hours ago -
RSO Hazara organises regional athletics championship on World Athletic Day
23 hours ago