Game over... Saints deal with gambling company collapses
THE one-year sponsorship deal between Southampton FC and controversial gambling company Banc de Binary has collapsed after just three weeks.
I warned last Sunday that the Premier League side was gambling with its reputation by tying itself to the firm, which is based in Cyprus and Israel and has no genuine presence in Britain.
No details of the sponsorship were revealed, but sports industry sources speculated it could be worth £300,000 or more to the club.
In return, Banc de Binary was to be named as the ‘official binary trading partner’ of The Saints – and would have access to the club’s fans for marketing purposes.
It is not clear whether club officials were aware that Banc de Binary, which takes bets on very short-term movements in stock market and foreign exchange prices, has been fined and penalised repeatedly by watchdogs in Cyprus and the US for offences including misleading marketing and making false claims to investors.
Several countries have issued public warnings against it, though it is allowed to trade in Britain under EU rules because it is licensed in Cyprus.
Jordan Sibley, spokesman for The Saints, said last week: ‘I can confirm that Southampton Football Club is no longer in partnership with Banc de Binary.
‘We are not commenting any further on the matter.’