Brasileiro Club Palmeiras Faces Relegation, Loss Of Kia Sponsorship
The risk of Brasileiro club Palmeiras dropping to the second division is "putting in doubt the finances" of the club, according to FOLHA DE S. PAULO. The revenue generated by the club "could be seriously affected," if the team drops from the top league. The club's three-year sponsorship deal with Kia "is to be revised every September." This year's revision has yet to take place but is scheduled for later this month. Kia, which pays close to R$25M ($12.3M) annually to the club, "could decrease or even cancel" the sponsorship deal in place with Palmeiras. The South Korean company has "yet to decide what it will do." The agreement between the two sides was signed in January, and Kia is due to pay out R$74M ($36.4M) during the three-year partnership (FOLHA DE S. PAULO, 10/16).