Juventus Football Club has negotiated a contract extension with their principal sponsor Jeep. As per new terms, the automobile company will continue to work with the Italian club until the end of 2023/24. Jeep has been featuring on the front of the first team and training kits at Juventus since the start of the 2012/13 season.
This deal will see Juventus getting fixed €45 million per season, while bonuses will be paid by Jeep if Juventus meet targets on the pitch. This is a piece of big news for the Italian club as they needed a financial boost after recording losses due to the pandemic. Juventus has been ambitious in the transfer market over the years, so gaining financial stability through sponsorship deals is essential to improve the squad in summer.
Apart from broadcast revenue, sponsorship revenue is pivotal for clubs in the current climate as fans are unlikely to return to the stadium anytime soon. The brands are trying to negotiate cheaper deals since the pandemic has affected all industries. Despite this disadvantage, Juventus has done well to extend the deal with Jeep. It is the most expensive principal sponsorship deals among 20 Serie A clubs this season.
The brand value of Juventus has increased in the last decade due to their consistent success in Serie A. They have won nine league titles in a row since 2011. The Italian club is still looking to get their hands on the Champions League title. The arrival of Cristiano Ronaldo two years ago has boosted their sporting and commercial ambitions. It will be interesting to see whether Juventus are active in January for new players after signing this new deal with Jeep.