SportPesa terminate Formula One deal
What you need to know:
- The Kenyan betting firm has also terminated a separate deal with English Premier League club Everton worth Sh600 million a season
- The remaining sponsorship deals between the betting firm and Tanzanian clubs Yanga, Simba Singida United and Namungo are not affected
- SportPesa woes are believed to have started when the company lost its licence to operate in Kenya last July
SportPesa has terminated its sponsorship with Formula One team Racing Point.
In a statement released in Nairobi on Monday, the betting firm indicated the decision was made ''in line with its new business strategy and sponsorship approach''.
"After an amazingly successful season with the Racing Point F1 Team, we wish them success in the 2020 competition, and we look forward to their transformation into Aston Martin Racing in 2021. We would like to thank the team and F1 for a great season working together and we would look forward to opportunities of working joints on local activations," the statement read in part.
This three-year deal was reported to be worth Sh3 billion.
The Kenyan betting firm has also terminated a separate deal with English Premier League club Everton worth Sh600 million a season.
"SportPesa will no longer be on the front of the shirt of Everton as a principal partner after the 2019/2020 season," the statement said.
The remaining sponsorship deals between the betting firm and Tanzanian clubs Yanga, Simba Singida United and Namungo, South African side Cape Town City and English championship team Hull City are not affected.
SportPesa woes are believed to have started when the company lost its licence to operate in Kenya last July.
