Credit Suisse out of play, the sports world fears for its finances
From tennis to football to horse riding, the descent into hell of Credit Suisse poses a heavy threat to the world of sport, of which the bank was a generous sponsor.
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AFP
On the sporting level, the bank Credit Suisse, in the process of being bought by its rival and compatriot UBS to avoid a debacle, plays on all the tables, supporting pell-mell the national team of football, the official school football championship, equestrian competitions, tennis legend Roger Federer and the Spaniard Sergio Garcia, international golf star. The bank also supports the Swiss Sports Aid Foundation, which accompanies hopefuls on their way to the world elite, and has acquired the rights to the name of the future major stadium in Zurich.
“Our sponsorship activities reflect our passion for excellence, sustainability and partnership,” boasts Credit Suisse. The bank has always been “a reliable partner for sport”, observes the newspaper “Neue Zürcher Zeitung”. “For the time being, we will continue our corresponding commitments without change,” a Credit Suisse spokesman told AFP.
But UBS, whose sponsorship activities are focused on Formula 1, athletics and ice hockey, might want to leave some sports in the locker room.
“Honored Contracts”
Credit Suisse has been the main sponsor of the Swiss Football Association (ASF) since 1993. The contract runs until June 30, 2024 and amounts, according to the newspaper “Blick”, to around five million Swiss francs per year. The bank’s logo will continue to appear on national team players’ training jackets and jerseys, at least as long as the Credit Suisse brand exists, ASF spokesman Adrian Arnold said on Monday. “We had good discussions with our contacts at Credit Suisse, who assured us that existing contracts would be honoured,” he said. For the future, the ASF would like the partnership to continue.
The bank is also the main sponsor of Switzerland’s bid to host the 2025 European Women’s Football Championship. The host country will be designated on April 4, less than a month after the Credit Suisse rout.
The second Swiss bank is also the first sponsor of the Swiss Football Championship, called Credit Suisse Super League. According to Blick, the contract runs until 2025, up to around eight million francs per season, and allows the bank to have its name on the players’ shirts.
The star Federer
Roger Federer retired from tennis in September, but Switzerland’s biggest sports star remains the brand ambassador of Credit Suisse. “We look forward to spending the next few years together,” the bank assured in January. Even if he were to be deprived of Credit Suisse, Roger Federer knows he can count on many other sponsors, including Rolex, Lindt and Mercedes-Benz.
But Credit Suisse also sponsors the Laver Cup, a tennis competition initiated by Roger Federer which pits the six best European male players against a team from the rest of the world each year. Asked, the organizers of the Laver Cup did not immediately respond to AFP.
new sponsors
On the golf side, Credit Suisse has been committed to the Omega European Masters in Crans-Montana since 1984, and now has one of the best golfers in the world, Spaniard Sergio Garcia, as its “partner”. “It was our second sponsor after Omega. The contract that bound us with Credit Suisse is still valid, it covers until the 2024 tournament and our event is therefore not in danger”, assured the director of the tournament, Yves Mittaz. “It’s the business of sport: sponsors leave, others arrive,” he told the “Tribune de Genève”.
Credit Suisse has also been committed to equestrian sports for years, as main sponsor of the Geneva International Horse Show, one of the most important indoor circuits, and for the White Turf of St. Moritz, spectacular races on the frozen lake in swiss town.
AFP
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