According to an article by The Athletic, Burnley FC is seeking a replacement shirt sponsor for the Premier League club’s existing deal with LoveBet.
‘Exploring new solutions’
The subscription-based sports site indicated that Burnley is ‘exploring new solutions’ in the midst of the COVID-19 pandemic, with the online betting brand ‘believed to be experiencing serious money difficulties.’
The report claimed that ‘with the opportunity to sponsor Burnley’s shirts for the rest of the current season’ as well as the 2021/22 campaign, agents in Asia have been approached.
Penned LoveBet deal
At the beginning of last season, the Clarets penned a three-year deal with LoveBet, with the contract expected to be worth about £ 7.5 million a year. Under the terms of the deal, the Asian brand’s logo appears on the front and left sleeves of the players’ jerseys.
The sources of The Athletic reported that LoveBet has struggled to offset the financial impacts of the coronavirus crisis, with the pandemic hitting the Asian market hard, and the website of the company is no longer running in China.
The Clarets’ new Chairman, Alan Pace, told supporters earlier in January that he would review the sponsorship deal of the club with LoveBet.
A promised review
On Twitter, the American investor said: “I can promise it will be reviewed as part of the overall commercial strategy for the club.”
In a separate tweet, in response to a supporter, he added: “There may be some historic contractual obligations, but it’s an issue I’ll be reviewing with my team for the long-term.”
With the 2005 Gambling Act review continuing, it was confirmed last week that a ban on gambling industry shirt sponsorships is ‘likely’ to be endorsed by Prime Minister Boris Johnson.
Top flight rivals Everton terminated their deal with gaming brand SportPesa at the start of 2020, two years early, after a study of the marketing policy of the Premier League club. Later in the summer, the Toffees named the e-commerce company Cazoo as the replacement primary sponsor.