UBS’ Takeover of Credit Suisse Confuses Sports Sponsorships
Credit Suisse sponsored the Swiss national football team, the top football division, Roger Federer, & Zurich’s new stadium, which is now being taken over by UBS.
Many athletes, teams, and competitions are unsure about their sponsorship agreements as a result of Credit Suisse’s acquisition by Swiss rival UBS.
Credit Suisse is a sponsor of the Swiss national football team, the top football league in the nation, tennis legend Roger Federer, golfing superstar Sergio Garcia, and Zurich’s new stadium.
Golf and equestrian competitions as well as the Swiss Sports Aid Foundation, which supports promising young athletes in underrepresented sports, were also supported by Credit Suisse funding.
Since 1993, Credit Suisse has served as the primary sponsor of the Swiss Football Association (SFA), and the agreement is set to expire on June 30 of the following year.
The Blick newspaper estimates its annual value to be around 5 million Swiss francs ($5 point 4 million). As long as the bank is in business, the Credit Suisse logo will be present on the training jackets and jerseys of the national teams, according to SFA spokesman Adrian Arnold.
“We had productive conversations with our Credit Suisse contacts, and they reaffirmed their commitment to upholding the terms of the current contracts, according to Arnold. We want the partnership to continue moving forward, in whatever capacity.”
The takeover occurs just before the hosting decision is due on April 4, and Credit Suisse is also the primary sponsor of Switzerland’s bid to host the 2025 women’s European Championships.
The Super League, Switzerland’s top football league with ten teams and well-known teams like Young Boys, Grasshopper, FC Zurich, and FC Basel, is sponsored by the bank as its title sponsor.
The deal, which is valid through 2025, is estimated to be worth $8.7 million (Swiss francs) per season by Blick. The bank’s name is displayed on all team strips and advertising boards throughout the stadiums, and the funds benefit every club as well as the competition.
2019 saw the bank secure the naming rights for a new stadium in Zurich that is slated to host games between Grasshopper and FC Zurich.
But there have been delays with the planned “Credit Suisse Arena.”. It was scheduled to open in the middle of 2022, but since little has changed, its future now appears even less certain.
No matter how many scandals or strategic shifts Credit Suisse underwent, the newspaper Neue Zurcher Zeitung reported that it had always been a dependable partner for sports.
According to a Credit Suisse spokesman speaking to AFP, “for the time being, we will continue our corresponding commitments unchanged.”
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UBS, which has its own portfolio of ice hockey, athletics, and Formula One sponsorships, might decide not to continue the agreements.
According to the Swiss bank, its sponsorships demonstrate its commitment to partnership, excellence, and sustainability.
Numerous Swiss sports organizations are uncertain about the future of their lucrative sponsorship agreements as a result of UBS’s takeover.
