Posted on: July 29, 2022, 07:27h.
Last updated on: July 29, 2022, 07:27h.
Gaming operator Codere is giving up its spot as a sleeve sponsor for the Argentine soccer team River Plate. Instead, it is taking over the players’ shirts, becoming the primary, front-of-shirt sponsor.
River Plate, which claims ownership of 37 titles in Argentine first-division soccer, had to find a replacement for its current main sponsor, Turkish Airlines. The two are breaking up as of July 31.
As a result, Codere arrived to fill the void. Where it has been a sleeve sponsor for the soccer club until now, it will increase its partnership and take the leading spot on the shirts.
In the Spotlight
Codere is beginning to emerge from a major restructuring that is proving shareholders made the right decision to oust the former executive leadership and take over. As a result, the company is stronger than before, and continues to improve.
As a result, it is in a better financial position that allows it to be more flexible with its wallet. This includes spending $3.5 million a year on the three-season sponsorship deal with River Plate. It previously paid $2 million as the sleeve sponsor.
The financial commitment could increase more, as well. Ultimately, based on different achievements, Codere could be on the hook for as much as another $1.4 million a year. Given that River Plate is the most successful team in Argentine soccer, as well as a formidable international opponent, the company should be ready to dish out more funds.
We are aware of the responsibility we acquire with our presence on the front of a shirt like River’s and therefore, we will put all our effort into continuing to grow together and achieve our goals. From Codere, we are convinced that this will continue to be an even more fruitful alliance and that we have made a winning bet by joining our paths,” stated Codere Head of Sponsorships Carlos Sabanza.
If River Plate wins the Copa Libertadores competition, for example, Codere will have to pay $300,000. For the Copa Sudamericana and the FIFA Club World Cup, the bonus is $200,000 each. There are also other bonuses for various other achievements.
The presentation event for the new sponsorship took place yesterday at River Plate’s Monumental Stadium. Subsequently, the premiere of the new deal will be on Sunday, August 7, in the match against Independiente at the Libertadores de América stadium.
Codere a Standard Fixture in Argentina
Codere began its activity in Argentina in the early 1990s and is currently the largest operator of gambling halls in the Province of Buenos Aires. It has 13 locations, where it operates more than 6,800 slot machines, in addition to traditional bingo and gastronomy. Elsewhere, it also has sponsorship agreements with Real Madrid of Spain and Rayados de Monterrey of Mexico.
With Codere’s move, Assist Card, a travelers’ assistance company, will add its name to River Plate’s sleeve. The STARR Insurance Companies subsidiary has signed a $4-million deal that will run until December 31 of next year.
In addition, Amazon Prime Video will continue on the back of the jersey for the men’s Premier and Reserve squads and women’s soccer. That arrangement is worth $2.1 million per year, not counting bonuses for tournaments won. The bonuses have a cap of $400,000).
Lastly, Konami Digital Entertainment, with a four=year-old agreement, will appear in the logo of the numbers of the shirts. Its Konami video game subsidiary will pay $800,000 per year until September 14, 2023.