Santander-Owned Banesto To Cut Ties With La Roja Ahead Of 2014 World Cup
Spanish bank Banesto, owned by Spanish bank Santander, will not continue its sponsorship deal with the Spanish national football team, which was originally scheduled to last until after the 2014 World Cup, according to José Félix Díaz of EL CONFIDENCIAL. Santander's directors fear that possible success by Spain in Brazil during the World Cup, a strategic country for the group's interests, "could jeopardize the commercial interests in the South American country." For these reasons, "the companies have already communicated to the Spanish national team that they will not continue with the sponsorship." The Spanish team will soon participate in the Confederations Cup, which will "serve as a showcase for the money-making machine that the team coached by Vicente Del Bosque has become." Sponsors "look for space at the side of the world champions." The sponsorship area that Banesto is leaving behind has a value of €4M ($5.3M), with several financing entities already considering the possibility of occupying this position (EL CONFIDENCIAL, 6/6).