32Red Get £950,000 for Early Swansea Exit
32Red's full year financial results for 2012 have revealed that the online casino operator received a £950,000 pay off for ending their sponsorship deal with Swansea City FC a season early.
Following four years of sponsorship with the Welsh club, 32Red will no longer be displayed on the Premier League football team's shirts.
The initial deal that the two parties were operating under wasn't due to expire until the end of the 2013-14 football season but the Swans have announced the early termination of their deal today.
On the official club site a club statement explained that the termination was agreed in order to allow the club to seek further sponsorship that would allow them to expand their stadium – a level of funding that 32Red were presumably unwilling to provide.
32Red began their Swansea City sponsorship back in 2009 when the football team were in the Championship. Since then the club have established themselves as one of the most entertaining Premier League sides and won the Football League Cup earlier this month.
Speaking about the end of the deal, 32Red's chief executive Ed Ware explained how pleased he was that the casino operator had been a part of the club's most successful period.
He added: "We will look back on the partnership fondly and wish the club the very best of luck for the future."