Ineos, the company co-owned by Sir Jim Ratcliffe, has reportedly agreed to pay millions of pounds to terminate its sponsorship deal with Tottenham Hotspur.
The agreement, signed in 2022, saw Ineos become the official 4×4 partner of Spurs through their Grenadier vehicle.
The deal, which was worth several million pounds per season, included advertising for Ineos on Tottenham’s dugouts and big screens during home matches.
However, the sponsorship has been under threat since Ineos acquired a controlling stake in Manchester United in February 2024.
The presence of Ineos, now closely associated with Spurs’ Premier League rivals, began to undermine its brand strategy and was seen as increasingly problematic.
Discussions between Spurs and Ineos about ending the deal amicably began in mid-February, and these have now come to a conclusion.
Ineos was notably absent during Spurs’ 3-1 win over AZ Alkmaar on Thursday.
According to the Daily Mail, Ineos has agreed to pay a “not insignificant sum” in the millions to cancel the sponsorship.
This termination may be a bitter pill for Ineos, which has been scaling back its involvement in sports in recent months.
Last month, New Zealand Rugby announced it was taking legal action against Ineos after the company exited their £3.7m-per-year deal early, citing the “deindustrialisation of Europe” as one of the reasons for the decision.
Ineos has also pulled its financial support from Sir Ben Ainslie’s America’s Cup sailing team and is reportedly considering reducing its one-third stake in the Mercedes Formula 1 team.
Ainslie’s team expressed shock in January, describing Ineos’ decision as “astounding” and noting that it created “significant legal and practical obstacles.”
The early exit from Tottenham also coincides with growing scrutiny surrounding Ratcliffe and Ineos at Manchester United.
Over the past 13 months, the petrochemicals billionaire has overseen a major round of redundancies, with 200 more job losses announced in late February.
The club stated that these cuts were part of efforts to “transform its corporate structure” and enhance financial sustainability and operational efficiency.
Ratcliffe himself claimed that the club could have faced closure in December without these extensive cutbacks.
“I recognise I’m unpopular at the moment – but I am prepared to be, and I can deal with being unpopular for a period of time because I believe that what we’re doing is the right thing,” Ratcliffe told the BBC.
“Manchester United has come off the rails – we need to get it back on the rails, and I believe what we are doing will put it back on the rails and we’ll finish up being where Liverpool or Real Madrid are today in the future.
“When the going gets tough people need to show a bit of resilience, a bit of grit – don’t wilt – and come out the other side fighting and that’s what we will do.”
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