Schalke saved by Gazprom sponsorship renewal

German Bundesliga side Schalke have eased their financial difficulties by renewing their shirt sponsorship deal with Gazprom. The company is the leading extractor of natural gas in the world and the largest company in Russia. It had revenue of 98.6 billion dollars in 2008 and employs over 400000 workers. Apart from sponsoring Schalke, Gazprom owns Zenit St Petersburg, the winners of the 2008 UEFA Cup and Super Cup.

Schalke are estimated to have debt running up to 230 million euros, but the renewal deal which was agreed with Schalke is set to ease this amount as it could net the club 100 million Euros, or up to 130 million if the club is successful in the Bundesliga or in a major European competition. The previous deal expired in 2012, but the new deal will run until 2017, extending the previous one by 5 years.

Clemens Toennies, the Chairman of Schalke’s advisory board, commented:

“We have closed the deal for the next five years. It will improve conditions for us and I explained that on my last trip to Moscow, because this deal will help stabilise the club.”

Current Schalke manager Felix Magath, who managed Hamburg, Nurnberg, Werder Bremen, Frankfurt, Stuttgart, Bayern Munich and Wolfsburg prior to taking charge of the club, stated that “This is a very positive signal for the club.”

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