Chelsea sleeve sponsors Hyundai SUSPEND £50m deal with crisis club as they follow Three in pulling out
HYUNDAI have become the latest sponsor to pull out of their Chelsea deal.
The Blues are in crisis mode after owner Roman Abramovich was hit with sanctions from the UK government, which have plunged the club into financial uncertainty.
Now their sleeve sponsors have suspended ‘marketing and communications activities' with the west Londoners.
Next season would have been the final year of their £50million deal, which has seen Abramovich's club make £10m per season.
Hyundai released the following statement: "In the current circumstances, we have taken the decision to suspend our marketing and communication activities with the Club until further notice."
They joined Chelsea's shirt sponsor Three who also suspended their arrangement with the club and asked for their name to be removed from the team's kit as well as stadium until further notice.
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Fellow sponsor Zapp have also paused their activities with the Blues for the time being.
Τhis comes after Abramovich was banned from being director of Chelsea by the Premier League.
Normally under Prem rules, the disqualification would trigger the sale of the named individual’s shareholding “within 28 days”.
But the Russian oligarch has already announced his intention to sell the club, something that has to be done immediately.
His appointed agents, the Ney York-based Raine Group, told potential buyers the sale is back on and that they have a deadline of Friday to register their interest.
Abramovich initially wanted upwards of £3billion but now the sanctions mean he cannot get his hands on any of the cash and that will likely force the final asking price down even if there is a bidding war.