Sydney-based IC Markets, an online provider of FX services and ECN trading capabilities, has reportedly secured a lucrative sleeve-sponsorship deal with Italian soccer giant Inter Milan.
The one-year deal runs from next year, until the end of the 2020-21 season, and names IC Markets as Inter’s first-ever sleeve sponsor.
Neither the deal itself nor its full financial terms has been officially disclosed, but according to Italian newspaper Tuttosport, IC Markets is set to pay the Nerazzurri €10 million a year for such a luxury.
Exploratory talks have reportedly taken place between the two parties over potential partnerships in the future.
The news comes as the Serie A soccer team is seeking greater revenue opportunities as they bid to stay in touch with the rest of the local and continental elite. In comparison, rival club Juventus renewed its partnership with adidas a few months ago for a minimum €50 million per year over eight years duration.
This has motivated Inter to play catch up which may include the club replacing long-term shirt sponsor Pirelli, which currently earns them €11 million per year. Pirelli’s logo has been featured on the Inter’s kit since the 1995/96 season but the tyre brand’s contract expires in 2021.
The agreement marks a first foray into sports sponsorship for IC Markets, which is headquartered in Australia but also has offices in Seychelles, Cyprus and other regions.
IC Markets will take advantage of advertising opportunities across the club’s various communications channels as well as engaging with both the club’s supporters and sponsors.
Inter Milan’s deal with IC Markets is the latest example of a growing trend of football clubs signing up FX brokers as they seek to gain an edge in player trading.
Sports sponsorship have long been a way for businesses to extend their global reach. In recent months, there were also numerous sponsorship deals connected with lower-profile sports, including chess and e-sports.