Galatasaray of Turkey wants sponsorship deal with Kuwait Airways

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(Bloomberg) – Turkish sports club Galatasaray is in talks to sponsor Kuwait Airways. If signed, an agreement would be the first major deal between a golf company and Turkish football.

“Discussions with Kuwait Airways are still in the early stages,” Istanbul-based Galatasaray said in an exchange filing on Saturday. There had been talks about “possibilities of commercial cooperation between the two parties,” Kuwait Airways said in a Twitter statement the day before.

The possibility of a deal was first reported by newspaper Fanatik on Friday, which said a five-year deal that includes stadium naming rights could be worth about $80 million. Galatasaray did not give financial details.

Earlier this year, sports club Besiktas signed a jersey and stands sponsorship deal with the local unit of Bahrain-based cryptocurrency exchange Rain Financial Inc.

Galatasaray reported a loss of 173.7 million liras ($10.4 million) in the nine months to February, compared with a loss of 321.3 million liras in the same period last year. Its shares are up 19% this year in Istanbul trading, underperforming the benchmark stock index’s 32% gain.

(Adds Besiktas deal in fourth paragraph)

©2022 Bloomberg LP

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