Guild Esports has announced that it has terminated the three-year sponsorship deal with a European fintech company, announced on 19 October 2020, following delays in the sponsor’s launch and the payment of sums due under the contract.
Under the terms of the agreement, the sponsor was due to commence payments from the date of their global brand launch and unveiling. To date, Guild has not been given any clear timeline for their launch and none of the amounts scheduled under the contract have been paid.
Given the uncertainty about the contract and the strong appetite from other brands to partner with Guild, the Company has elected to terminate the contract with immediate effect to focus on new sponsorship deals that are at an advanced stage of negotiations.
The Company’s new business pipeline remains robust, and it continues to generate strong and active interest from consumer brands in a wide range of sectors. In addition, the Company is working closely with its existing global sponsorship partners with whom relations are excellent and in line with expectations.
“We have been very accommodating and patient about this contract but have decided to terminate it due to increasing uncertainty over their launch plans. We are in active negotiations for new sponsorship deals and look forward to announcing these soon,” Kal Hourd, chief executive of Guild Esports, said.
