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RESTRUCTURING MAY FORCE UMBRO TO SURRENDER SOCCER KIT DEAL
Published April 9, 1998
Umbro "is in danger of losing its new" $83.5M kit contract with the English soccer team, and has been given two weeks by the Football Association (FA) "to provide certain financial guarantees or the FA will abandon the deal," according to Patrick Harverson of the FINANCIAL TIMES. Umbro is "in the middle of a financial restructuring and has been unable to provide the guarantees of its long- term financial stability demanded by the FA." FA Commercial Dir Philip Carling said "there is a possibility the terms and conditions we require may be too onerous for Umbro to meet." But Umbro UK Marketing Dir Peter Draper: "We are confident of satisfying the [FA] that we can deliver a programme that meets the financial criteria." Harverson reports that if Umbro is unable to meet the financial guarantees, Nike, adidas and Puma, who bid before, "will be invited to re-tender" offers (FINANCIAL TIMES, 4/9).