Confectionary manufacturer, Cadbury, is set to announce a multimillion-pound sponsorship deal of the London 2012 Olympic Games, according to UK newspaper, The Times.
The paper reports that although executives would not confirm details last night, the world-famous brand will join the 2012 roster despite the tightening of finances that has sent a shudder through sports administrators around Britain in a deal worth an estimated £20 million.
The news comes as a welcome relief after the financial uncertainty which has affected banks across the globe - traditionally among the biggest spenders. Lloyds TSB, one of the most high-profile casualties, is a Tier One 2012 sponsor, which means that the bank is committed to about £80 million worth of backing for the London Games, plus at least £10 million in “activating” the sponsorship by adding the Olympic logo to its advertising and initiating schemes to cash in on the Olympic link.
The Times reports that there is confusion over what happens if the bank is merged with HBOS and the Lloyds TSB name is lost. Experts predicted last night that the newly combined HBOS-Lloyds TSB would maintain the sponsorship, although it may mean a substantial renegotiation, which could cost the bank even more.
