Blow for Fifa as Sony to end £178m sponsorship deal
Sony has announced it will not be renewing its sponsorship of football’s governing body Fifa as it looks to instead invest the money injecting further life into its TV and mobile divisions.
On why it dropped the sponsorship, sources close to Sony told Reuters that it will focus on its restructuring efforts in a bid to turn around the poor financial outlook it announced last week.
Sony's sponsorship deal was reported to be worth £178m and has lasted eight years. The latest sponsor blow for Fifa follows Emirates Airlines announcing it will not be renewing its deal either earlier this month.
A Fifa spokesman told Reuters: “The existing contract with Sony runs until 31 December 2014 and we are currently in discussions with the brand.”
However, in June Sony demanded an investigation into corruption allegations surrounding the 2018 and 2022 World Cup bidding processes. Officials may have been unhappy with the final verdict of the report which saw Coca-Cola, a long-time sponsor of Fifa, also say it was "disappointed".
The soft drinks giant made the complaint after Michael Garcia, who led the investigation into the Fifa corporate culture, called the edited report “incomplete and erroneous”.
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