Chelsea Drops London-Based Broker CWM FX From Sponsors List

Chelsea has removed broker CWM FX's brand from its online list of sponsors, according to Adil Siddiqui of FOREX MAGNATES. CWM FX continues to "face difficulties" as its sponsorship of top clubs "seems to be halted." The London-based broker has "been in the limelight since the police raid and arrests at CWM World's offices at the Heron Tower." The group "maintains it has apparently been a victim of several former employees, driven by personal animosity." The latest setback "adds to the list of problems the firm is facing as its 'sales pitch' of mingling with the rich and famous comes to a halt." CWM World has taken sports sponsorship as its entry point into the "minds and hearts of consumers and investors." On the group website, the firm promotes sports sponsorships, which include football, rugby, sailing and motor sports (FOREX MAGNATES, 3/26).