By Jaroslaw Adamowski
March 19 – Red Star Belgrade is close to finalising the negotiation of an extension to its Gazprom sponsorship, valued at more than €20 million over a five-year term.
The sponsorship will give the club much needed cash resource as it struggles against rising debt.
Gazprom has been the club’s main sponsor since 2010, with its current deal with Red Star due to expire this summer.
The new deal, expected to total €4 million per year plus bonuses for success in national and European competitions, will kickstart a restructuring of the club’s finances, said Red Star executives.
Should the club fail to extend the Gazprom deal it faces relegation to Serbia’s second tier for failing to meet its financial commitments under financial fair play rules.
Red Star is a giant of the Serbian game with a stadium that has a capacity of more than 55,500. German sports apparel maker Puma is its current kit supplier.
The club’s latest achievements include securing the championship of Serbia in the 2013/2014 season.
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