Norwich has signed a deal with Spanish sportswear company Joma. Norwich City Kit’s deal with Joma is valued at £2.5M. The Spanish brand replaced the Italian football outfit, Errea, ten years ago.
The financial history of Norwich City’s Joma shares is as follows:
|Duration||10 years (2021-2031)|
|Yearly payments||£2.5 million|
|Total payment over 10 years||£25 million|
|Any performance-related clauses?||£1 million a year will be added to the yearly deal if Norwich City stays in the Premier League.|
Joma replaces Erreà, who worked for the corporation for a decade in the same role. the total fee of the settlement is £25 million over 10 years.
In addition, the deal will see Joma supply match kits, training, and travel clothing for the club’s men’s, women’s, and academy teams.
Norwich City Shirt Sponsorship Deal
Lotus Cars, a British car manufacturing company, became Norwich City’s main shirt sponsor in 2021. The deal is worth £3.5M per year. In addition, Lotus has turned into BK8 sports, a player in Asian betting. The club signed with them, but three days later the club decided to cut it.
Let’s look at the contract:
|Duration||4 years (2021-22 season to 2024-25)|
|Yearly payments||£3.5 million a year|
|Total payment over 4 years||£14 million|
|Any performance-related clauses?||£1 million a year will be reduced into the yearly deal if Norwich City gets relegated from the Premier League.|
The contract with the Asian company was canceled due to the business approach of the company.
However, the agreement with Lotus Cars will include the Lotus Cars logo on the team’s race day and on the front of the practice kit. The total value of the contract is £14 million over 4 years.