VW mulls ending support for German soccer clubs

FRANKFURT (Reuters) -- German first division soccer clubs Hannover 96, Werder Bremen and Schalke 04 in addition to second division 1860 Munich are to the record of sponsorship prices Volkswagen Group is thinking about dropping to save money amid its emissions scandal, German weekly newspaper Bild am Sonntag noted.
Volkswagen said football proved to be an important pillar of its own sponsoring scheme that it could continue to pursue as time goes on. "It hasn't yet been determined exactly what the volume of this will be," the firm said in an emailed statement on Sunday.
Europe's largest automaker is fighting the greatest company disaster in its 78-year history after declaring in September it installed applications in diesel automobiles to deceive U.S. regulators about the correct amount of their hazardous discharges. The lie has changed 11 million vehicles worldwide, most of which were marketed in Europe.
On Friday, VW Team stated it could cut 1-billion euros ($1.1 billion) from its expense strategy for next year, limiting spending on-property, plant and gear at about 1 2 billion euros ($12.8 billion), down about 8% on its preceding strategy of around 13 billion euros.
Vehicle analysts say the firm could encounter a expenses as large as 3-5 billion euros for fines, court cases and car re-fits.
According to Bild am Sonntag, Volkswagen spends about 1.5 million euros per season on each of the soccer clubs it could now reduce from its sponsorship checklist. Additionally, Volkswagen may lose its 5 million-eur-a-year sponsorship of ice-hockey team Grizzlys Wolfsburg, the paper said.
Last month, first division soccer club VfL Wolfsburg said it had postponed plans for a fresh multimillion-euro youth coaching centre after Volkswagen's emissions scandal.
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21.11.2015
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