This story is sponsored by 32Red Casino
32Red is to end its shirt sponsorship of English Premier League football team Swansea City a year early, it was announced today.
The online casino operator said it had agreed to forgo the fifth and final year of its current deal to allow Swansea to talk to new potential partners who could assist in developing the Liberty Stadium. 32Red received compensation of £950,000 from Swansea for early termination of the contract on Monday, it confirmed today.
Both 32Red and the recently crowned Capital One Cup holders emphasised that the agreement over the 2013-14 season had been reached following amicable discussions.
Swansea City vice-chairman Leigh Dineen expressed the club’s “enormous thanks” to 32Red for its support during the sponsorship, which began back in June 2009 when the Swans were in the second tier of English football. 32Red boss Ed Ware pointed out that the “fantastic” relationship coincided with the most successful period to date in the club’s history.
The online casino operator made the joint announcement with Swansea as it unveiled a 23% rise in earnings (EBITDA) to £3.4m in 2012 off a previously announced 28% uplift in revenue to £32.1m.
The Gibraltar-based business said it had been “encouraged” by the early signs from Italy, where it launched in late November and went live with online slots in December.
CEO Ware however warned that establishing 32Red as a trusted and recognised brand in Italy would take investment in marketing, and that the return on this investment would not be realised “until next year and beyond”.
Article written by Stephen Carter
