CSKA Moscow tears up Sibneft deal, and sign with a bank

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The club originally agreed on a landmark US$ 54 million sponsorship deal with Sibneft, the company owned by English Premiere League club Chelsea FC owner Roman Abramovich before Sibneft was bought for US$ 13.1 billion by state-owned gas company Gazprom. Gazprom – whose CEO, Alexei Miller, is an avid fan of club’s rivals Zenit St. Petersburg– voided its sponsorship deal with the club.

The club however has quickly found a new sponsor, albeit for less money. The new sponsor is the country’s second-largest bank, Vneshtorgbank, paying US$ 7 million.

The US$ 7 million contract "looks like a completely reasonable amount for a club on the level of CSKA," said sports business consultant Anton Derlyatka of AT Kearney, Russian newspaper Vedomosti reported.