Nike may sponsor Chinese football for $200m 26/02/2009 |
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China’s Super League is holding talks with Nike Inc., the world’s largest athletic shoemaker, about a $200 million, 10-year sponsorship agreement, a top Chinese football official said.
Lv Feng, general manager of Chinese Football Association Super League Co., said his organization and Nike signed a memorandum of understanding that would involve an initial endorsement worth $15 million in 2009. Lv said he expects to complete the agreement “soon.”
“It’s accumulative and will increase annually over a spread of 10 years,” Lv said in an interview in Beijing today, declining to provide further details.
Siemens AG dropped its backing of the league in 2005 after a spate of match-fixing allegations that have contributed with falling standards to lower attendances. China’s men’s team failed to qualify for the 2006 and 2010 World Cups and has slumped to 104th in FIFA’s world rankings, about a decade after reaching an all-time high 37th.
Ginger Zhu, Nike’s communications director in China, wasn’t immediately available for comment when contacted in Shanghai.
(Source: Bloomberg)
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