Jeep in talks to pay almost 25 million euros annually
'Visit Detroit' logo also set to appear on Juventus jersey
Deals set to end season-long main sponsorship hiatus
Jeep had been Juventus main sponsor for over a decade
Juventus confirms ongoing discussions
Adds statement from Juventus in paragraphs 9 to 11; Adds 5th bullet point
By Giulio Piovaccari and Elvira Pollina
TURIN/MILAN, April 17 (Reuters) - Carmaker Jeep is set to pay almost 25 million euros ($28 million) annually to get its brand back on the black-and-white shirts of top Italian soccer club Juventus JUVE.MI, two sources close to the matter told Reuters on Thursday.
The deal would resume a multi-year partnership after the former Serie A champions failed to find a main sponsorship deal when its previous contract with Jeep ended last June.
Part of Stellantis STLAM.MI - the world's fourth largest automaker - Jeep had been the main sponsor of Juventus since 2012. The value of the Jeep sponsorship had gradually increased over years to reach 45 million euros annually.
The lack of a main sponsor is weighing on already strained finances of Juventus. The club is set to close the 2024-2025 fiscal year in the red, despite the revenue boost from its return to Europe's elite Champions League competition.
Parent company Exor EXOR.AS, the holding company of Italy's Agnelli family and also a major investor in Stellantis, was forced last month to inject 15 million euros into the club's coffers. It has allocated a total of 600 million euros to Juventus over the past six years.
Juventus is in advanced talks with Jeep for a new cheaper shirt deal, which is expected to be finalised in time for the FIFA Club World Cup in the U.S. in June, the sources said.
Detroit tourism bureau's 'Visit Detroit' logo is also expected to appear on Juventus jerseys, the sources said, giving the club a potential additional revenue boost.
However, only the Jeep brand would appear on the front of shirts in European competitions, in line with UEFA's rules limiting front jersey sponsors, the sources said.
Juventus confirmed ongoing discussions with top-tier partners for front-jersey sponsorship agreements.
No agreements have been finalised, and outcomes remain uncertain, it said in a statement.
Stellantis and Visit Detroit were not immediately available for comment.
Detroit is the U.S. home of Stellantis, the parent of former Chrysler group.
The potential return of Jeep as Juventus main sponsor along with Visit Detroit was first reported earlier this month by specialist website SportBusiness.
Juventus, who dominated Italian soccer for nearly a decade until 2020, have been struggling to regain their shine on the pitch after it an accounting scandal, whose consequences included a ban from European competitions in the 2023/2024 season.
($1 = 0.8804 euros)
(Reporting by Giulio Piovaccari in Turin and Elvira Pollina in Milan; Additional reporting by Mrinmay Dey in BengaluruEditing by Keith Weir and Pritha Sarkar)
((elvira.pollina@tr.com ))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.