Big Sponsor Helps Norwegian Skiing Out Of Financial Hole, But Changes Are Dire

Big Sponsor Helps Norwegian Skiing Out Of Financial Hole, But Changes Are Dire

Money & Finance, Newsfeed
- In a full turnaround Sparebank1 re-signed as a main sponsor of the Norwegian ski federation. It's a lifeline: previous info suggested that they would not extend the deal leaving a gaping hole in the Team Norge finances. The deal is worth NOK 10mln per year for two years. At the current exchange rate it's around 870k euros - a year ago it would be more like 1 million euros. With a lot of expenses - travel, lodging etc. denominated in euros, it's still a significant decline, but it should be enough to cover team's basic needs in the competition season of 2020/21. - At the same time, big departure from previous policies announced. Hitherto almost all the sponsorship was done on centralized basis and was the strictest known in…
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