English Premier League club West Ham United’s sleeve sponsor, investment firm Basset & Gold, has entered administration.
The demise of the company leaves the East London club searching for a new brand to fill one of its most lucrative sponsorship categories.
The association between the two organisations began at the start of the 2018-19 season and was due to expire at the end of the 2019-20 campaign, which is currently suspended.
It is understood there were no fees outstanding on the contract, which SportBusiness sources indicate was worth around €1,100,000 ($1,200,000/£1,000,000) per season.
A statement on the company website read: “B&G Plc and [related company] B&G Finance took independent solvency advice after the Financial Conduct Authority (FCA) raised concerns about the viability of the B&G mini-bond scheme because the money raised from the mini-bonds was almost entirely invested in [payday lender] Uncle Buck.
“In light of this advice, and following the entry into administration by Uncle Buck, the directors concluded that both of the firms were insolvent and took the necessary steps to place the firms into administration.”
West Ham’s full sponsorship portfolio can be viewed in detail via the SportBusiness Soccer platform. It is headlined by front of shirt sponsor, betting brand Betway. Its latest addition was tyre manufacturer RoadX who signed a two-year agreement in March, this was brokered by the Chinese division of the Lagardère Sports agency.