Is CS canceling their sponsorship millions now?

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Credit Suisse invests millions each year in sponsorship activities in both sports and culture. Given the turmoil surrounding CS, two questions arise: Does CS have to cut back on sponsorship commitments? Or do sponsored recipients voluntarily refrain from sponsoring CS due to reputation concerns?

The bank itself does not provide a clear explanation to Blick. “As part of long-term planning, the relevant portfolio is regularly reviewed and adapted to needs – also in consultation with relevant institutions”.

National team and big festivals confident

On the other hand, there is the support of partners. CS is best known as the main sponsor of the Swiss Football Association (SFV). Media spokesman Adrian Arnold isn’t afraid that CS will leave sponsorship: “The partnership between Credit Suisse and SFV has been around for 30 years. During that time, we’ve had turbulent times at SFV as well, and CS has always been by our side and of course we do the same now.” “there is no end in sight”.

People relax at the Zurich Film Festival (ZFF), where CS has been the main partner since 2007. “We are in close contact with Credit Suisse,” explains spokesperson Maike Müller. For ZFF, there is no need to worry and we look forward to further cooperation.” The Zurich Opera House is also confident: “We believe that Credit Suisse will fulfill its contractual obligations with the Zurich Opera House and we have no concerns about this”, says Christian Berner, Commercial Director. In fact, CS has been the main sponsor of the Lucerne Festival since 1993. Festival spokesperson Nina Steinhart succinctly says: “We have a fixed contractual relationship with CS, the collaboration is going very well.” Beyond that there is nothing to say.

CS has also sponsored the Zurich Pride Festival for the LGBTQ community since 2013. Pride Co-Chair Alexander Wenger (36) explains: “The Pride 2023 contract has been signed by CS. As always, we rely on them.” Pride won’t suffer much if CS loses its sponsorship. Wenger regrets the negligence.

Can CS go out?

Of course, partners adhere to valid contracts. According to Christian Lang, head of sports management and marketing specialist at the University of St. Gallen, there is a specific right of termination for CS on certain contracts. More so for situations where athletes, associations or institutions are involved in scandals. Also, it will be a possibility that both parties agree on the termination of the contract. “But I don’t think so,” Lang says.

Source :Blick