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  Wednesday, November 25, 2020
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Sibneft has decided to break off its contract with soccer club CSKA Moscow and will not pay cancellation penalties
Russian oil company Sibneft has decided to break off its contract with soccer club CSKA Moscow and will not pay cancellation penalties, a Sibneft spokesman said Monday. "The contract was drawn up in such a way that it is possible to cancel it without paying any penalties," Alexei Firsov said. The management of CSKA has been informed of decision and is already looking for a new sponsor, he said. A majority stake in Sibneft was recently purchased by Russian energy giant Gazprom from Millhouse Capital, the investment vehicle of Roman Abramovich, owner of the British soccer club Chelsea. Sibneft signed a sponsorship deal with CSKA Moscow in March 2004, through which it was to pay the club $18 million per season through 2006. With the new funds, the club's fortunes improved dramatically. In 2005 CSKA won the UEFA cup, becoming the first Russian club to win a major European soccer championship. Firsov said Sibneft would continue to sponsor the Avangard hockey club in the western Siberian city of Omsk. "Our sponsor relationship with this club will continue, but it is possible that the level of financing will be reconsidered," he said. CSKA Moscow spokesman Sergei Aksyonov declined to comment on the decision saying, "there has so far been no official confirmation, so there is no sense in discussing this. Personally, I found out about this on the news."
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