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The collapse in Credit Suisse shares caused great turmoil in the financial market. Sports are also seriously affected by the critical situation of the bank, which has many sponsorship and partnership agreements with leading names. The biggest name in the portfolio is Roger Federer. When will the CS deal that has existed since 2009 negatively affect its image?
Christian Lang, a marketing specialist and head of sports management at the University of St. Gallen, said of the challenges facing the large Swiss bank: “Of course, headlines like these are unpleasant for anyone with a particular affiliation with Credit Suisse. I include sports sponsorship in that.”
But Lang also warns that the current situation should be viewed differently: “The bank uses the Roger Federer brand or the Swiss Football League brand and therefore uses their image for communication. Less to go the other way. Federer does not actively express that CS is a partner outside of advertising services.” Conversely, this means that a scandal in the athlete would have a significantly worse effect on the partnership. “This can be very disturbing for a company.”
Lang doesn’t believe that Federer will suffer from the CS crash, let alone take risks for long. Also, because there is a “certain dilution” due to the large number of sponsors. And also: “I believe that with Roger Federer’s position and popularity, he is so firmly anchored at the national and international level that the negative press can hurt him.”
The Federer side has yet to comment on the case when asked by Blick.
CS needs Federer feelings
Lang sees no reason at this time for Federer or other advertisers to exercise any special right of termination in the contract or to seek joint termination of the contract.
Especially since he does not believe in the bankruptcy of the bank: “For me, the bankruptcy of CS is not very realistic due to its capital base and being a very important player in the global banking system. Say: In my view, CS will survive. Accordingly, it should continue to market and sponsor ”
He highlights that Credit Suisse in particular is heavily dependent on partnerships these days: “Even if the deal costs the bank some money, now it’s about rebuilding a good reputation and building positive relationships with partners like Federer. In these times, that’s more important than ever.”
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
