Barclays paying 50% more to renew EPL sponsorship
Fri, 13 Jul 2012 7:28a.m.
Barclays has agreed to pay almost 50 percent more to renew its title sponsorship of the English Premier League, while the bank is embroiled in an international rate-fixing scandal.
The league will receive £120 million over three years from the 2013-14 season, a jump from the £82 million under the current terms.
Britain's third largest bank has held naming rights to the world's richest football league since 2001.
But the Barclays brand has been tarnished in recent weeks since the extent of the manipulation of a key market interest rate emerged.
The bank was fined $US435 million last week by U.S. and British agencies for making false reports of its borrowing costs from 2005 to 2009, specifically of the London interbank offered rate, or LIBOR, which influences the costs of a range of financial instruments including home mortgages. Britain's Serious Fraud Office has opened a criminal investigation in the scandal.
Bob Diamond, who regularly presented the Premier League winners with the trophy, bowed to public pressure and resigned as chief executive of Barclays last week.
The new Premier League deal comes a month after it sold domestic broadcast rights for the 2013-16 seasons for £3.018 billion, an increase of 70 percent over the preceding three seasons.
The league says its matches reach 212 territories.
Post a Comment
Before commenting, please take the time to read our moderation guide
(Won't be published)
The Australians are getting the civil formalities out of the...
San Antonio bounced back after squandering a 13-point lead i...
All Blacks fullback Israel Dagg has been moved off the bench...
Palmerston North's Hayden Pritchard is proof not all weightl...
Queensland police have confirmed that assault allegations ag...
Copyright © 2013 MediaWorks TV. All Rights Reserved.