The company of former Davis Cup winning German tennis player Carl-Uwe Steeb, CharlySteeb GmbH, "filed for bankruptcy on Thursday," according to DIE WELT. The company "is reportedly heavily indebted and insolvent." The company of the 45-year-old "took over the organization of the BMW Open in Munich" this year. The tournament "was supposed to be his breakthrough as a tournament organizer." However, Steeb's company "reportedly overran its own budget during the event." The CharlySteeb GmbH "had to use income from sponsorships and ticket sales to purchase external services such as equipping the whole facility and hospitality for VIP guests." The losses "were reportedly so high that neither Steeb nor his co-shareholders were able to, or wanted to balance the deficit with fresh money." Steeb owns 60% of the company, while the remaining 40% are held by three investors from south Germany (DIE WELT, 8/25).
Marketing and Sponsorship
Procter & Gamble subsidiary Braun presented triple F1 world champion Sebastian Vettel as its new global ambassador for Braun's male power grooming range on Monday. The collaboration also marks the launch of the Braun global campaign "Hold on to your dreams" (Braun). ... German Hockey League (DEL) club Hamburg Freezers has extended its partnership with electronics company Philips for another four years. The deal, which will run until '17, includes ad space on the ice near the face-off circles, a 13-meter ad board and a projection on the ice during the player-intro show (Hamburg Freezers).