English soccer giants Chelsea have scrapped a proposed deal with online betting company Stake to become the club’s next front-of-shirt sponsor, according to The Telegraph.
It had been reported by multiple UK outlets last month that the Premier League outfit was close to signing a one-season contract with Stake. The agreement was believed to be similar in value to Chelsea’s previous pact with Three, which was purportedly worth UK£40 million (US$50.8 million) per year.
However, the Blues have now reportedly pulled out of negotiations and are now in talks with other companies.
The development comes after Chelsea fans criticised the proposed shirt sponsorship, with a survey conducted by the Chelsea Supporters’ Trust (CST) finding that 77 per cent disagree or strongly disagree with the Stake deal.
CST also stated that such an arrangement would make a ‘total mockery’ of work that the Chelsea Foundation has done on gambling harm awareness workshops in schools in west London.
‘We understand Chelsea’s desire to maximise revenue streams across the whole club,’ CST added. ‘Whilst we accept that it will happen, it must not take place at the expense of the club’s values’.
For Stake, the tie-up would have been the firm’s second main shirt sponsorship in the Premier League, after inking a deal with Everton from the 2022/23 campaign reportedly worth UK£10 million (US$12.7 million) a year.
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No reason has been given for Chelsea’s decision to call off negotiations with Stake, but the club’s fans and campaigners against gambling will be happy with the move.
It is back to the drawing board for the Blues, who have been hit by several setbacks in their search for a new shirt sponsor. A proposal from Allianz was said to have been rejected and a pact with Paramount was refused by the Premier League due to the top flight’s concerns about upsetting TV partners.
While Chelsea are unlikely to be short of offers, securing a deal that is at least equal in value to the Three contract is vital as the club looks to comply with financial fair play (FFP) regulations, having splurged UK£600 million (US$763 million) on players last season. The west London outfit hopes to double its revenue under the majority ownership of Clearlake Capital.
One company that won’t be on the team’s shirt in 2023/24 is Oman Air. The Telegraph reports that though images emerged earlier this week of a company representative posing with Chelsea’s new head coach Mauricio Pochettino, the airline will not be the club’s main sponsor.
More broadly, the pushback on the Stake deal marks the latest supporter outcry against betting sponsorships in the Premier League. Aston Villa’s recent partnership with BK8 was labelled by fans as a ‘cynical attempt’ at financial gain, but the club rejected calls to ditch it.
The flurry of jersey sponsorships with gambling firms ahead of the new season, which has also seen Burnley and Fulham pen deals, follows top-tier clubs agreeing to withdraw betting sponsorshipfrom the front of matchday shirts by the end of 2025/26.
Source: https://www.sportspromedia.com/news/chelsea-stake-shirt-sponsor-deal-cancelled/