Tottenham are set to announce a new training kit sponsorship deal, football.london understands.
Spurs have been hit hard by the pandemic in the past year with chairman Daniel Levy stating that he expected the club to lose £200m in revenue due to the absence of crowds and cancelled or postponed events and concerts.
The club took out a short-term £175m Bank of England loan through the COVID Corporate Financing Facility to ensure they had the money to operate through the crisis.
That loan was repaid last month using £250m raised through the sale of US private placements to institutional investors, arranged through the Bank of America.
Now football.london understands that Tottenham are set to boost their finances with a new training kit partner sponsorship deal, which is believed to have already been tied up and will see the new partner’s name visible on the Nike apparel.
Todd Kline was brought in as the club’s Chief Commercial Officer in March with the American tasked with bringing in new sponsorship agreements, including the stadium naming rights, as well as negotiating media rights and corporate partnerships.
One of the first major sponsorship deals during his tenure is set to be the new training kit sponsorship, a type of sponsorship becoming more common across football but a market Tottenham had until now not dipped their toe into.
In 2018 Liverpool struck a four-year deal with insurance provider AXA to sponsor their training apparel. That deal was worth £20m per year until 2022 but has since been expanded and enhanced to include the sponsorship of the new training centre in Kirkby that opened earlier this year.
Chelsea recently signed a new training kit partner deal with Trivago which is believed to be worth more than the reported £10m-a-year they were previously getting from Carabao.
In May, Manchester United lost an eight-year £120m sponsorship contract with American insurance giant Aon after the company pulled out over fears of fan protests and boycotts.
Now Tottenham are set to have their own sponsors adorn their Nike training wear, which the players are currently wearing at Hotspur Way during the first pre-season under new head coach Nuno Espirito Santo.
Source by Football London