West Ham Sponsor Closes UK Operation
Fri 16th Jan 2015 | Money & Finance
The Swiss National Bank’s monetary policy change has forced West Ham United’s principal sponsor, Alpari, to close its UK operation.
A statement released by the global currency broker on their website read, “The recent move on the Swiss franc caused by the Swiss National Bank’s unexpected policy reversal of capping the Swiss franc against the euro has resulted in exceptional volatility and extreme lack of liquidity.
“This has resulted in the majority of clients sustaining losses which has exceeded their account equity. Where a client cannot cover this loss, it is passed on to us.
“This has forced Alpari (UK) Limited to confirm today, 16/01/15, that it has entered into insolvency. Retail client funds continue to be segregated in accordance with FCA rules.”
Alpari has been a supporter of West Ham United, having partnered with the club initially as an official sponsor in 2011. The news throws into doubt Alpari’s principal sponsorship of West Ham which - signed in 2013 - is thought to be worth £3m a year.
Upon announcing the 3 year partnership, Karren Brady, Vice Chairman, West Ham United, said, "We are enthused and excited to enter into this new partnership with Alpari. This landmark deal, along with a host of other significant strides forward our business has made recently, is yet further evidence of the growth we have witnessed and I can only see things getting better.
"This partnership demonstrates Alpari's belief in our vision and ambition for the club and I know they are excited about how the sponsorship can build their brand.''
West Ham have yet to state their position on the current situation.
Image: Action Images / John Sibley Livepic
Posted by: Aaron Gourley
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