Retail broker AvaTrade announced this Tuesday that it is expanding its sponsorship agreement with Manchester City, an English football club. The announcement means AvaTrade and Manchester City have now formed a ‘global partnership.’
It comes in the wake of a similar sponsorship agreement that was formed between the two firms in February of this year. That deal saw AvaTrade sealing a regional partnership agreement with Manchester City as the retail broker sponsored the team’s efforts in Latin America, Asia, and China.
Today’s announcement follows a wave of developments in the world of FX and sports sponsorship. In late May, Robert Ophele, the president of the Autorité des Marchés Financiers, criticised Plus500’s sponsorship of Atletico Madrid, a Spanish football team, saying the broker “specializes in toxic products.”
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In the same week, Sunny Singh, formerly with trading facilitator LMAX, announced that he would be launching a business connecting FX and crypto firms with sports teams. A day later, James Rodriguez, a Columbian footballer, confirmed that he would be continuing his sponsorship agreement with Libertex, an FX broker.
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Given Manchester City just won the Premier League, AvaTrade has positioned itself near the top of the FX sports sponsorship food-chain. The deal announced today will see them expanding on their last deal to become a global, rather than regional, sponsor.
As a result, the retail broker is now offering its customers Manchester City-related promotions. For example, fans can win VIP tickets to Manchester City’s stadium.
The switch to a global partnership may reflect AvaTrade’s expansionist ambitions. Last month, Daire Ferguson, AvaTrade’s CEO, told Finance Magnates that the retail broker was looking to grow into new markets, particularly in Africa and South East Asia.