By Samindra Kunti
November 13 – Leading Dutch Eredivisie club PSV Eindhoven have agreed a new ten-year sponsorship deal with Philips. The agreement is worth €22.5 million.
In 1913 Philips factory workers set up the Dutch soccer club in Eindhoven. ‘PSV’ stands for ‘Philips Sport Vereniging’. The club has won the Dutch title 22 times. In the 70’s and 80’s PSV also prevailed in two European Cups.
In 1999 the club became a limited liability company in 1999, operating completely independently from the electronics firm. Yet the connection with Philips has always remained elaborate through sponsorship, sharing of technology and ties of the board members.
Earlier this year the electronics company disclosed that it no longer wanted to be the club’s main sponsor at the end of the season. For more than a century Philips sponsored Eindhoven in a partnership of high symbolic value, but economic reasons had forced Philips to reconsider their position.
Now though Philips retains the naming rights to PSV’s stadium and the ‘Philips founder PSV’ logo on the team’s shirt sleeves. The club will get €3 million per year for the next five years and an annual sum of €1.5 million for the subsequent five years, according to the terms of the contract.
PSV are still seeking another main sponsor for next season.
After 12 match days PSV are currently second in the Eredivisie with 27 points, trailing Ajax Amsterdam on 29 points. Last weekend Eindhoven comfortably defeated Utrecht at home 3-1.
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