Sponsor bails out on Tigers
Sam Edmund | November 07, 2008
RICHMOND has been gutted by the collapse of a lucrative sponsorship deal with global insurance and financial services giant AIG.
The Tigers, who were poised to use the financial powerhouse as a back-of-jumper partner, now have to re-enter the marketplace to find a major sponsor before next season.
The AIG deal was believed to be worth $800,000 a season over three years and would have seen the company join Dick Smith Electronics as co-major backers of the Tigers.
But AIG executives, increasingly concerned about the global financial crisis, pulled the pin last month.
The American-based company had also become wary of any negative publicity.
Less than a week after the US Government committed $85 billion to bail it out, AIG executives blew $440,000 on a week-long retreat at a luxury resort in California.
Sources said Richmond was stunned by the decision, which came after several months of negotiations and repeated verbal assurances that the deal was as good as done.
Comment was sought from AIG yesterday.
A Tigers spokeswoman said the club had started looking for another major sponsor.
"We have been engaged with a number of parties regarding sponsorship and continue to be involved in further discussions," the spokeswoman said.
"No heads of agreement had ever been executed with AIG and AIG has since confirmed that they will not be pursuing a sponsorship with the Richmond Football Club."
"This is a very opportune time to be associated with the Richmond Football Club.
"Notwithstanding the on-field performance, there are some very exciting factors including the Punt Rd redevelopment and a very favourable draw that includes 16 free-to-air games."
http://www.news.com.au/heraldsun/sport/afl/story/0,26576,24614005-19742,00.html