Business
Barclays strikes £75m deal to renew long-standing Premier League link
Barclays is on the brink of renewing its long-standing link to the Premier League with a £75m deal which easily eclipses the value of its existing tie-up.
Sky News has learnt that the British high street bank’s proposed four-year agreement with English football’s top flight was presented to its 20 clubs at a shareholder meeting last week.
Sources said the deal, which would last an additional season than the current partnership, was worth roughly 60% more each year.
Barclays has had a lengthy connection with the top flight, having been its title sponsor for years under both its name and that of Barclaycard.
The financial services alliance will come as Oracle prepares to end its association with the Premier League, leaving it searching for a new technology partner.
Guinness, the beer brand owned by Diageo, recently proposed paying a significantly higher sum than the previous category deal with Budweiser’s owner, underlining the continuing commercial appeal of the world’s most popular domestic football league.
Last week’s meeting with clubs, however, was overshadowed by the news that Manchester City’s legal bid to overturn the Premier League’s associated party transaction rules was about to kick off.
Keep up with all the latest news from the UK and around the world by following Sky News
The champions’ move to seek to scrap spending limits has ignited fresh fears over their dominance, having just clinched their fourth title in a row.
Manchester City continue to face the prospect of a legal case in the autumn charging the club with 115 breaches of the league’s financial fair play rules.
Barclays and the Premier League declined to comment.