Barclays, the British high street bank, is close to finalizing a new deal with the Premier League worth an impressive £75m. This proposed four-year agreement was presented to the 20 clubs at a shareholder meeting last week.
Sources familiar with the matter have revealed that this new deal, which would last an additional season compared to the current partnership, is worth approximately 60% more each year. Barclays has a long-standing connection with the Premier League, having been its title sponsor for many years under both its name and that of Barclaycard.
This new financial services alliance comes at a time when the Premier League is searching for a new technology partner, following the end of Oracle’s association with the league. In addition, Diageo’s beer brand Guinness has recently proposed paying a significantly higher sum than the previous category deal with Budweiser’s owner, highlighting the continuous commercial appeal of the world’s most popular domestic football league.
However, last week’s meeting with clubs was overshadowed by the news that Manchester City’s legal bid to overturn the Premier League’s associated party transaction rules was about to commence. This move by the reigning champions to scrap spending limits has sparked fresh concerns over their dominance in the league, having just secured their fourth title in a row.
Manchester City is also facing the prospect of a legal case in the autumn, charging the club with 115 breaches of the Premier League’s financial fair play rules. Both Barclays and the Premier League declined to comment on the matter.
