Tottenham Hotspur, of English soccer’s Premier League, have finally landed a sleeve sponsor in signing a multi-year deal with Cinch, the UK online car-selling platform.
The company’s logo will appear on the left sleeve of the shirts of the north London outfit’s men’s and women’s teams for matches starting this weekend.
The length and value of the agreement has not been disclosed, but equivalent deals with other top Premier League sides are worth around £10 million ($13.6 million) per year.
On top of the shirt branding, Cinch will receive exposure via the matchday perimeter and multi-tiered digital ribbon advertising system at the Tottenham Hotspur Stadium, and in marketing campaigns across the club’s social media and digital platforms.
The used-car retailer only launched in 2019, and the new sponsorship agreement represents its most high-profile sports deal to date, building on recent tie-ups with English Premiership Rugby club Northampton Saints and the annual grass court tennis tournament at Queen’s Club in London.
Sleeve sponsors have been permitted in the Premier League since the 2017-18 season, and Tottenham have been the most notable team without one, although they do have a security of a long-term main shirt deal with Asia-based insurance company AIA, running to 2027 and worth £40 million per year.
Welcoming the new partner Nick Hoyle, Tottenham’s head of partnership development, said: “We are excited to welcome Cinch to our family of brand partners as our first official sleeve partner. Cinch is such an innovative brand and their customer first approach is well aligned with our own commitment of delivering an unrivalled experience for our fans. We look forward to working with cinch and introducing their brand to our supporters.”
In 2018, Tottenham chairman Daniel Levy claimed that the reason the club did not have a sleeve sponsor was that it could compromise the value of a naming rights deal for the stadium, which opened in April 2019.
The club is reported to have been seeking a 15-year agreement worth £25 million per annum, but is yet to find a taker despite reported interest from companies including online retail giant Amazon.
The absence of spectators from the 62,000-capacity Tottenham Hotspur Stadium as a result of restrictions caused by the ongoing coronavirus pandemic has naturally had a significant impact on the club's finances.
The health situation has also resulted in the cancellation of non-soccer events at the venue, including two NFL regular season games, in 2020.
Last November, Tottenham announced a deficit of £63.9 million for the 2019-20 season and Levy warned that the club faced loss of revenue of £150 million for the next year if fans were not able to return to the stadium.
Limited attendances were allowed at a small number of games this season before a spike in Covid-19 cases led to the reimposition of restrictions.
Tottenham were counting on matchday revenue to help pay off the cost of the £1.2 billion stadium, and last June negotiated a £175 million loan from the UK government, and backed by the Bank of England, to ease some of the financial pressure brought about by the pandemic.
North London rivals Arsenal have faced similar issues, and yesterday announced they had taken out a short-term, £120 million loan from the Bank of England under the same scheme.