Saracens have announced a lucrative new partnership with StoneX to become their main sponsor, following a challenging year for the club.
Almost a year after the Saracen's were relegated to the second-tier Championship for breaching salary cap regulations and a year of rugby decimated by the COVID-19 crisis, the rugby union side has bounced back with a deal that, according to Sky News, exceed the value of Saracen's previous deal with Allianz, which paid the club a reported £2 million per year.
Allianz opted not to extend their arrangement after the salary cap scandal.
From January 2021, Saracens' home ground will become the StoneX Stadium and City Index, a trading platform owned by the financial firm, will become the shirt sponsor for both the men's and women's team.
Sky News also revealed that the deal was "record-breaking" for UK professional rugby.
The collaboration between the two entities will be of benefit to both parties, with the Saracen's widely known as one of the top clubs in European rugby, having won the European Champions Cup three times in the last five years and the Premiership five times in the last ten years. The women's team has also seen much success recently having won the last two Premier XV titles.
"I’m delighted to announce a long-standing partnership with Saracens as both the club and StoneX have a relentless drive to achieve excellence," started Phillip Smith, CEO of StoneX Financial.
"For both organisations, the phrase ‘pounding the rock’ is ubiquitous and is one that both our traders and Saracens players can relate to. Hard work, patience and dedication to our clients is at the core of our value proposition as a global financial services organization.
"These values are shared by Saracens Rugby Club, and are exemplified by their high performance culture and commitment to player welfare as well as their fan base. I’m excited to see how the partnership develops over the coming months and years.”
As the coronavirus pandemic continues to disrupt professional rugby and complicate club finances, a statement from the Saracen's expressed how the deal would enable the club to retain its elite management and players, whilst maintaining its academy. It will also support the proposed development of the West Stand, as well as influence positive social change though the Saracens Foundation and Saracens High School.
Lucy Wray, Saracens CEO, said: “We are really excited to enter this new, long-term partnership with StoneX, one of the world’s leading financial groups. We share a commitment to excellence and innovation and we are looking forward to the start of a memorable journey with them.
"This is a major moment for the Saracens family. The partnership heralds a fresh start for the club after a hugely challenging year and having met some of the people at StoneX and City Index, I can safely say that they share our ambition and values.”
Author: Jake Wilkin