Philips ending PSV shirt sponsorship after 34 years
After 34 years as a lead advertiser at PSV Eindhoven, Philips is ending their shirt sponsorship of the 2015 Dutch champions. The electronics giant is the longest-running sponsor of a football club's uniform to date.
The shirt sponsorship deal officially ends in 2016, the club reported on Wednesday. The electronics group will still remain one of the club's major sponsors.
A change in Philips corporate strategy prompted the decision. “We want to change the relationship to [fit] the ambition of the company. With this we are setting up a future-proof relationship and are giving new input into our cooperation [with PSV]," Philips Benelux CEO Hans de Jong said.
Philips currently pays between five and seven million euros to the Eindhoven club annually, of which 1.4 million is for the kit sponsorship, according to Voetbal International.