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Barclays may rethink sports sponsorships

teamBarclays may end its long-running relationship with the English Premier League when its current sponsorship deal expires in 2016. The British bank is weighing its options for the world renowned soccer league amid a broader review of its sponsorship of high profile events, which include the tennis ATP World Tour Finals in London and the Barclays Center in New York. The outcome of the general sponsorship review is ongoing and no definitive decision has been made, according to a source. As well as soccer and tennis, Barclays also sponsors the South African rugby team, a series of golf tournaments and golfer Phil Mickelson. Several of these flagship sponsorship deals were brokered under former chief executive Robert Diamond as the bank sought to raise its profile both in the U.K. and abroad. The bank’s sponsorship of England’s top soccer league dates back to 2001. As the league’s popularity soared across Asia and Africa, so did the sponsorship costs. In 2011 Barclays handed over £27.5 million a season . Under the current three-year deal, signed in 2012, the sponsorship increased to £40 million a season.

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