Manchester United signed its first commercial deal with a currency trader, announcing a sponsorship with one of the biggest losers in the Swiss franc convulsion. The Premier League club announced a sponsorship deal with online broker Swissquote, which is listed on the Swiss Exchange.
Swissquote made a provision of SFr25m in the aftermath of the Swiss National Bank’s decision to scrap its currency ceiling against the euro, saying the central bank’s sudden move “left clients with a negative balance” and would influence its first-half results.
Richard Arnold, United’s group managing director, said Swissquote was one of the world’s top 10 forex brokers and “by far the strongest and most reliable competitor in the market”.
United has a voracious appetite for commercial deals, boosting revenues by 24 per cent in 2013-14, according to Deloitte. It made £189.3m in commercial revenues last season.
Currency traders are the latest sector to see in football club sponsorship an opportunity to promote their offerings.
West Ham United had a shirt sponsorship deal with Alpari, but that came unstuck when the UK-based broker filed for administration as a result of losses sustained in the Swiss franc turmoil.
Other clubs with forex sponsorship deals are Manchester City, which initially had a partnership with Forex.com’s owner Gain Capital, before teaming up with FXPrimus earlier this month.
Chelsea has a deal with CWM FX, Liverpool is in partnership with InstaForex and Atlético Madrid signed a sponsorship agreement with Plus500.
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