Philips to Stop Sponsoring PSV
PSV Eindhoven, who ran away with the title this season, recently announced that Philips would stop sponsoring them after 32 years.
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PSV, which stands for “Philips Sporting Vereniging” (which translates to Philips Sporting Union) was set up as a sports club to offer recreational activities for the employees of the Dutch Company in 1913 in Eindhoven. The footballing arm of the same went on to gather tons of success as PSV emerged as one of the “big three” in Dutch football along with Ajax and Feyenoord.
Since its foundation, PSV have played in the Philips Stadion and has upheld its club colours (red and white). Its elaborate connection with Philips can be witnessed in its sponsoring, shared technology and board member ties. The club have carried the ‘Philips’ name on their shirts since 1982.
A statement on the PSV website announced that: “Starting from the 2016-2017 season, Philips will no longer be on the PSV strip.”
This is keeping in line with the Dutch Conglomerate’s strategy as it moves on being a consumer electronics major and shifts its focus to health care equipment.
This will also allow PSV to look for more lucrative deals beyond the €5 million to €7 million a year they earn from this one. The club is likely to lose star players Georginio Wijnaldum and Memphis Depay as Europe’s elite club’s close in on the duo and they will likely need to build afresh a squad that has outperformed the rest of the Eredivisie this season.