Sept. 7 (Bloomberg) -- Samsung Electronics Co. took up an option to renew its 15 million pound ($23.9 million) jersey sponsorship with Chelsea through 2015, the European soccer champion said.
Chelsea, which won the Champions League for the first time in May, signed a partnership agreement with the South Korean electronics maker in 2005.
“Samsung have exercised their right to extend their deal which will see them remain as a premium partner of the club until the end of May 2015,” the London club said yesterday in an e-mailed statement.
The contract started with Samsung paying 11 million pounds per season as the company replaced Emirates airline on the front of Chelsea’s blue jerseys. That agreement was extended at 15 million pounds five years later, and Samsung had until June 1 to take up its option to renew for a further three seasons.
The shares of Samsung, which is also a sponsor of the Olympic Games, tumbled 7.5 percent on Aug. 27, a day after a U.S. jury verdict found that it copied Apple Inc.’s iPhone.
Sunny Hwang, Samsung’s vice president and head of worldwide sports marketing, said in an interview in May that the world’s largest mobile phone maker would wait until the outcome of Chelsea’s Champions League final with Bayern Munich before committing to a renewal.
Chelsea was a surprise winner of Europe’s elite club competition, after finishing in its lowest Premier League position since Russian billionaire Roman Abramovich bought the club in 2003. Abramovich fired manager Andre Villas-Boas eight months after he joined from Porto and interim coach Roberto Di Matteo oversaw a sixth-place finish and victory in the F.A. Cup before the penalty shootout victory over Bayern.
Chelsea’s contract with Samsung is among the biggest in English soccer, though lower than the sums negotiated by Premier League rivals Manchester United and Liverpool.
United in July announced it had signed a $559 million, seven-year agreement with General Motors Co. for its Chevrolet brand to replace Aon Corp as the team’s lead sponsor from 2014.
Liverpool’s sponsorship agreement with Standard Chartered Plc is worth 80 million pounds over four years. Premier League champion Manchester City last year announced a 10-year partnership with Etihad that gave the Abu Dhabi-based airline stadium naming rights and jersey sponsorship for $500 million.
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