Palms Bet doubles up on Levski sponsorship and forgoes €650k of fees

May 22 – Palms Bet, the main sponsor of Bulgaria’s Levski Sofia, is set to more than double its sponsorship payments to the club, according the bookmaker’s owner Milo Borisov (pictured).

At the same time, Palms Bet will terminates the contract for “consulting services” it has with the club and release Levski from outstanding fees owed. At the end of 2022, Levski owed approximately BGN 1.3 million (€650 000) to Palms Bet for consulting.

Palms Bet has been a sponsor of Levski since the summer of 2020, and in August 2021 the two parties signed a new contract, which was more of a partnership than a sponsorship.

Nearly two years remain until the end of the contract.

“Almost three years have passed since we started working with PFK Levski and assisting not only as a sponsor, but also as a business consultant for the club,” said Borisov.

“Together with the management of Levski during this period we managed to achieve a very important goal – the financial stabilisation of the club and the payment of the main part of the debts accumulated in the past to the NRA and to third parties, on which the license and the activity of the club depended,” he continued in a press statement.

“I am glad that now, on the eve of the club’s 110th anniversary, we can happily share with you that we are satisfied with what has been achieved in financial and administrative terms and we are successfully completing our mission as a business consultant. Our work during these years required us to make significant financial investments in the interest of Levski, which we now forgive and write off. Thus, PFK Levski will not owe us anything under the contract for consulting services…

“I want to confirm that our company is more than doubling the amount of the sponsorship contract for the remaining period of its validity.

“We hope that through this additional funding, PFK Levski will be able to make a good selection in the new season and take its rightful place…

Source link : https://www.insideworldfootball.com/2024/05/22/palms-bet-doubles-levski-sponsorship-forgoes-e650k-fees/

Author : Paul Nicholson

Publish date : 2024-05-22 03:15:40

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