Troubled Plus500 proceeds with Atletico sponsorship

Troubled Plus500 proceeds with Atletico sponsorship

Thursday, June 25, 2015 Totally Gaming
Plus500's name will feature on the Spanish club's shirts

Online trading operator Plus500 has shaken off its recent difficulties by becoming the new main shirt sponsor of Spanish top-tier football club Atletico Madrid.

Plus500’s logo will be worn on the front of the club’s shirts for the next two years, until the end of the 2016-17 season.

The deal comes as Plus500 is the subject of a £459.6m (€627.2m/$702.2m) bid by Playtech and in the aftermath of it being told that its anti-money laundering checks were not sufficient by the UK’s Financial Conduct Authority (FCA).

“Atlético Madrid is a natural fit for us as Europe is our largest customer base, and we share with them a passion for striving for success whilst having an ethos of transparency and respect for our customers, fans, partners and employees,” said Plus500 chief executive Gal Haber.

“In addition, this partnership with one of the most successful clubs in Europe that plays in one of the most popular leagues in the world will help us in furthering our strategy of increasing our brand recognition and expanding our customer base globally.”

The arrangement  expands on an existing deal that was signed in January of this year, under which Plus500 branding appeared on the back of players’ shirts during matches in the Liga and Copa del Rey domestic cup competition.

Plus500 had to freeze thousands of UK accounts in the wake of the FCA’s review and the company has been scrambling to fix its problems in the last month or so. Customers were left irate at being unable to access their accounts, and Plus500’s share price fell dramatically from 770p in mid-May to 248p earlier this month, but is now at around 388p.

Plus500’s board has backed the Playtech bid, which values shares at 400p, but Odey Asset Management, which owns 25 per cent of stock, says the offer “materially undervalues” the company.

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