StoneX Group Inc. (NASDAQ: SNEX) today officially announced that its London-based subsidiary, StoneX Financial Ltd has agreed to a four-year partnership with leading UK rugby club, Saracens.
The company will become Saracens’ main club sponsor and Saracens’ London ground will be named StoneX Stadium. City Index, the London-based subsidiary of Gain Capital which was acquired by StoneX in July last year, will be featured as lead partner on the kits of both the men’s and women’s teams.
The sponsorship news comes after Allianz ended its association with Saracens after a salary cap scandal engulfed it exactly a year ago ending £5.4m fine and an initial 35-point deduction for Saracens.
Philip Smith, CEO of StoneX Financial Ltd, said of the news: “I’m delighted to announce a long-standing partnership with Saracens as both the club and StoneX have a relentless drive to achieve excellence. For both organisations, the phrase ‘pounding the rock’ is ubiquitous and is one that both our traders and Saracens’ players can relate to. Hard work, patience and dedication to our clients is at the core of our value proposition as a global financial services organization. These values are shared by Saracens Rugby Club and are exemplified by their high-performance culture and commitment to player welfare as well as their fan base. I’m excited to see how the partnership develops over the coming months and years.”
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Lucy Wray, the Saracens CEO, said of the deal: “We are really excited to enter this new, long-term partnership with StoneX, one of the world’s leading financial groups. We share a commitment to excellence and innovation, and we are looking forward to the start of a memorable journey with them. This is a major moment for the Saracens family. The partnership heralds a fresh start for the club after a hugely challenging year and having met some of the people at StoneX and City Index, I can safely say that they share our ambition and values.”
It has been a busy December and January for the StoneX group. As well as signing the sponsorship deal with one of Europe’s top rugby clubs, the company, last month, received a $20,000 fine for alleged trading violations. Just last week, Finance Magnates reported that the CME Group announced it had fined StoneX, a financial services company, for a rule violation. The CME Group issued a $4,000 fine for its violation of MRAN 2011-5.