The Limited Times

Now you can see non-English news...

Ligue 1: will OM lose its jersey sponsor?

2022-08-06T10:48:40.885Z

Cazoo, the new British sponsor of OM and LOSC, has announced that it has to review its strategy after suffering heavy losses.



Already under pressure, OM would have done without that.

On the eve of starting a new season in Ligue 1, the PSG dolphin has learned that his new main sponsor, Cazoo, a British company, has just suffered big losses.

Consequently, the specialist in the online sale of used cars, must review its strategy, particularly in terms of sponsorship.

This announcement does not only concern OM but also Lille, the other French club which is sponsored by Cazoo.

The latter is also a partner of many European clubs such as Valencia and Real Sociedad in Spain, Bologna in Italy, and Freiburg in Germany.

Cazoo is also the main sponsor of the Wales national rugby team and football clubs, Aston Villa and Everton in England.

Football: the new sponsor of OM and LOSC in big trouble https://t.co/XH4hAFWPRP

– Les Echos (@LesEchos) August 4, 2022

For Cazoo, a company founded in 2018, nothing is going right.

Its six-month losses climbed from 100 to 243 million pounds (290 million euros) in one year.

Despite a fundraising of 630 million euros in February, nothing helps.

The decrease in cash reserves is very real for Cazoo.

So much so that its founder Alex Chesterman has just announced a plan for 750 layoffs.

The symbol of Cazoo's collapse is on Wall Street where the stock price fell from $10 to just one in the space of twelve months.

To stop this vertiginous fall, Alex Chesterman indicated that he was carrying out a “complete strategic review of activities in continental Europe, in order to continue to reduce our consumption of cash”. Impliedly, Cazoo will refocus on the British market.

Questioned by the newspaper Les Echos, a spokesperson for the group confirms that activity in other countries is clearly threatened, without however specifying whether France would be concerned or not.

"It's too early to speculate," says Cazoo's spokesperson.

The review process must take its course, any decisions on changes in our way of working will be taken afterwards.

»

If the amount paid by Cazoo to appear on OM jerseys is not known.

Its predecessor, Uber Eats had put 5 million euros on the table.

Source: leparis

All sports articles on 2022-08-06

Similar news:

You may like

Sports 2022-07-06T18:12:41.930Z
Sports 2022-08-06T10:48:40.885Z

Trends 24h

Latest

© Communities 2019 - Privacy