January 10 – AC Milan who have been under scrutiny by UEFA over financial fair play issues following their acquisition by Chinese-led consortium Rossoneri Sport Investment Lux, which is controlled by Chinese investor Yonghong, has released better news with the announcement of a sponsorship deal with online betting platform VWin.
Focussed on Asian markets, the VWin deal is an extension of a one-year agreement that was but is now described as being “multi-year” by the club.
AC Milan’s chief commercial officer Lorenzo Giorgetti said: “We are proud to welcome VWin, leader in the online betting industry in the Asian territory, in AC Milan’s family of partners. VWin is our first Regional Partner in Asia. This agreement represents to our Club a first and important step in the development of our commercial strategy on this key market.”
The agreement will see VWin spearhead AC Milan’s marketing in the region using the AC Milan marks and promoting through the club’s own digital media.
No figure was announced for the deal which will come as some relief for the club as it battles to prove to UEFA it can afford the €230 million spending spree last summer on new players that attracted their interest. AC Milan has also terminated a long-term deal with Adidas in favour of what is understood to be a more lucrative deal with Puma.
AC Milan is 99% owned by a Luxembourg-based vehicle, Rossoneri Sport Investment Lux. Yonghong completed the €740 million acquisition after a protracted money raising period and is already understood to be looking for new money to come into the ownership group.
The club has not met the owner’s expectation so far this season, especially in light of the €230 million summer spend. They are 11th in Italy’s Serie A, 23 points behind leaders Napoli and some way back from the European competition aspirations of their new owners.
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