• 28 Jan 2014 at 2:41 PM
  • Banks

Barclays May Have Better Ways To Spend £40 Million Per Year

Sure, it’s great to have your name attached to the world’s most popular sporting league. But in light of recent issues, not Bob Diamond & co. may just choose to lie low for a while.

Barclays PLC may end its long-running relationship with the English Premier League when its current sponsorship deal expires in 2016, according to a person familiar with the matter.

The British bank is weighing its options for the world renowned soccer league amid a broader review of its sponsorship of high profile events, which include the tennis ATP World Tour Finals in London and the Barclays Center in New York….

Under the current three-year deal, signed in 2012, the sponsorship increased to £40 million a season. That deal was announced just days after the bank paid $453 million to settle allegations that it had sought to rig interbank lending rates.

Following Mr. Diamond’s departure from the bank, Barclays’s new management has sought to present the bank in a more sober light and cut costs. In September last year, Barclays said that operating expenses rose £271 million as the bank pushed through a restructuring of its investment bank and European operations.

Barclays Considering English Premier League Exit [WSJ]

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Comments (4)

  1. Posted by Guest | January 28, 2014 at 2:55 PM

    Weighing its options? What the fuck?

    – Recent Ex-Barclays MD

  2. Posted by Shaz's beard | January 28, 2014 at 3:06 PM

    Rigging LIBOR > Rigging EPL games

    -UBS, BCAP, DB, RBS, BNP, HSBC, Soc Gen, CSFB rates MD

  3. Posted by Gunner | January 28, 2014 at 3:08 PM

    Don't care if the stop sponsoring the Premier League just as long as they don't stop sponsoring client entertainment to the Arsenal matches…

  4. Posted by Broseph | January 28, 2014 at 8:22 PM

    new entertainment policy out a few days ago, it's not pretty