La Liga side Espanyol is looking for a quick agreement with Chinese gaming technology provider Power8 "to rescind the sponsorship contract signed a year ago after Power8 failed to make payments," according to Lluís Regàs of DIARIO GOL. Espanyol has presented a judicial claim against Power8, and the club is "also in negotiations with Power8," but the company's execs have left Barcelona. The deal signed last summer including stadium naming rights and advertising on the club's shirt and was worth €38.5M over seven seasons, €5.5M per year. A month after signing the deal, Espanyol received €5.5M, and months later, the club received an additional €2.5M. But Espanyol did not receive the next payment stipulated in the contracts, which was due "months ago." An Espanyol source said, "The club defends its interests and demands what Power8 owes us. Now we look for a satisfactory solution." No one from Espanyol "has officially spoken of figures," but the club expects to earn from €11M-€16.5M ($12M-$18.1M), the total amount from "two or three seasons." The source added, "Economically, the sponsorship agreement with Power8 has been very positive for the organization and the Espanyol brand is worth more now than it was a year ago." The club is "looking for a fast solution to activate negotiations it is holding with other businesses interested in sponsoring Espanyol" (DIARIO GOL, 5/21).
