Dynamos and Highlanders to lose $1 million as BancABC blocks new sponsors
Dynamos and Highlanders Football Clubs are set to lose $1 million dollars in sponsorship as BancABC has reportedly blocked the two clubs from signing new sponsors. BancABC is the principal sponsors of the two clubs. The country’s second largest mobile network operator NetOne wanted to sponsor both clubs after failing to sponsor the Premier Soccer League when the PSL renewed their contract with Delta Beverages. Netone wanted to give the two clubs $500 000 each.
A letter sent by BancABC to the two clubs reads:
Whilst Section 3.4 of our contract agreement states that the Bank will not preclude Dynamos FC from appointing any further non-competing sponsors/suppliers, it’s important to ensure that the exercise by a third party sponsor of any sponsorship rights and/or benefits granted to it by Dynamos FC does not derogate from the sponsorship rights granted to BancABC as stated in Section 3.4.3 of the contract between BancABC and Dynamos of January 2017.
May you please provide the draft contracts and names of potential sponsors before signing