Juventus sign deal with Fiat

Fiat said it signed a memorandum-of-understanding with Italian Juventus FC to become its "official sponsor" for three years, covering all competitions starting July 1, 2007.

At the end of last year, Olinvest BV, owner of the chain of Tamoil petrol stations, ended talks of a sponsorship deal after Juventus was relegated to Serie B because of match-fixing charges.

"The memorandum foresees a fixed payment for Juventus of EUR 33 million plus a variable amount determined by sporting results in national and international competitions," Fiat said in a statement.

Under the agreement, Juventus' jerseys will carry Fiat's heavy machinery brand New Holland, during the first season, starting in 2007-2008.

Fiat is 30 percent controlled by IFIL, while Juventus is an IFIL unit.

Olinvest agreed that Juventus could continue to wear shirts with the Tamoil brand until the end of the 2006-2007 season.

Tamoil's original five-year, EUR 110 million sponsorship deal was signed in March 2005 when Juventus was in Serie A.

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.