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NPL without sponsor; clubs cut ties with Cash Plus
By Howard Walker Observer
staff reporter walkerh@jamaicaobserver.com
Sunday, April 13, 2008
The National Premier League (NPL) is currently without a title sponsor after the Premier League Clubs Association (PLCA) severed ties with the embattled Cash Plus Limited.
With seven rounds of games remaining, the PLCA, which was formed before the start of the football season, terminated the $150m three-year agreement.
In a press release on Friday, the PLCA said "it has become necessary because of the failure of Cash Plus to make payment on $28.5 million of arrears owed by Cash Plus to the PLCA".
Cash Plus Limited took over the sponsorship of the NPL this season from long time sponsor Wray & Nephew.
But the investment entity crashed after its chairman Carlos Hill was arrested last Thursday on suspicion of defrauding billions of dollars from lenders to the Cash Plus alternative investment scheme.
The PLCA, headed by former Prime Minister, Edward Seaga - the Tivoli Gardens FC chairman - said to date, $32.5 million was paid by Cash Plus between October 2007 and February 2008.
The PLCA is currently seeking sponsorship to complete the season as the clubs say they will be unable to finish the season.
Prior to the start of the season, Wray & Nephew, title sponsor since 2002, severed ties with the then-operated Jamaica Football Federation's (JFF's) Premier League.
In 2006, Wray & Nephew renewed its contract until 2012 and increased its sponsorship from $20m a year to $25m, but agreed to release the JFF without penalty from its binding five-year contract to make way for the new sponsors, Cash Plus Limited.
The general thought at the time was that Wray & Nephew was forced to make way for Cash Plus, which pumped in $50m a year, for three years - twice the amount Wray & Nephew was offering.
"I have approached the Sports Development Foundation for emergency assistance since all the clubs have stated in a letter... they will be unable to finish the season... unless they can now get some significant support," stated Seaga.
"At the same time, we will now begin the search for a new sponsor for next year in order to have a smooth transition. The... spectators and football fans will be kept abreast of developments to save the future of football," the release said.
The PLCA has also advised all clubs to remove the Cash Plus banners and bill boards from around the clubs grounds and blot out the previous sponsor's name at the front of their gear.
By Howard Walker Observer
staff reporter walkerh@jamaicaobserver.com
Sunday, April 13, 2008
The National Premier League (NPL) is currently without a title sponsor after the Premier League Clubs Association (PLCA) severed ties with the embattled Cash Plus Limited.
With seven rounds of games remaining, the PLCA, which was formed before the start of the football season, terminated the $150m three-year agreement.
In a press release on Friday, the PLCA said "it has become necessary because of the failure of Cash Plus to make payment on $28.5 million of arrears owed by Cash Plus to the PLCA".
Cash Plus Limited took over the sponsorship of the NPL this season from long time sponsor Wray & Nephew.
But the investment entity crashed after its chairman Carlos Hill was arrested last Thursday on suspicion of defrauding billions of dollars from lenders to the Cash Plus alternative investment scheme.
The PLCA, headed by former Prime Minister, Edward Seaga - the Tivoli Gardens FC chairman - said to date, $32.5 million was paid by Cash Plus between October 2007 and February 2008.
The PLCA is currently seeking sponsorship to complete the season as the clubs say they will be unable to finish the season.
Prior to the start of the season, Wray & Nephew, title sponsor since 2002, severed ties with the then-operated Jamaica Football Federation's (JFF's) Premier League.
In 2006, Wray & Nephew renewed its contract until 2012 and increased its sponsorship from $20m a year to $25m, but agreed to release the JFF without penalty from its binding five-year contract to make way for the new sponsors, Cash Plus Limited.
The general thought at the time was that Wray & Nephew was forced to make way for Cash Plus, which pumped in $50m a year, for three years - twice the amount Wray & Nephew was offering.
"I have approached the Sports Development Foundation for emergency assistance since all the clubs have stated in a letter... they will be unable to finish the season... unless they can now get some significant support," stated Seaga.
"At the same time, we will now begin the search for a new sponsor for next year in order to have a smooth transition. The... spectators and football fans will be kept abreast of developments to save the future of football," the release said.
The PLCA has also advised all clubs to remove the Cash Plus banners and bill boards from around the clubs grounds and blot out the previous sponsor's name at the front of their gear.