Australian based broker IC Markets has sued Italian soccer Inter Milan, according to Finance Magnates, in the latest news regarding sponsorships by online brokerages of popular sports teams in Europe. The trend of securing sponsorships has been accelerating for some time in 2020, with IC Markets being the first to encounter problems.
According to Finance Magnates IC Markets is suing Inter Milan over its alleged refusal to honor the terms of its reported €5 million-a-year deal with IC Markets, which is also pursuing a refund for the €3.5 million it has already paid. This follows the unilateral cancellation of the one year sponsorship by the football club itself for “failure to comply with contractual obligations.”
The situation stems from the sudden cancellation of sporting events in Europe and around the world as a result of the Covid-19 pandemic and surely IC Markets want to renegotiate a better deal considering the value of the sponsorship deal has fallen significantly.
Nonetheless, the parties will have to settle the matter in court in April of 2021, since good faith negotiations on the part of IC Markets have been rejected by Inter Milan.
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