MOSCOW, November 25 (Sputnik) — Sony Corp decided not to renew its sponsorship contract with FIFA, the governing body for world soccer, as the company is undergoing restructuring and the football association is awash in controversy.
Japan’s Nikkei business daily reported the eight-year, $280 million contract, which expires this year, would not be renegotiated due to concerns that a new deal would be more costly.
South Korean technological giant Samsung is rumored to be Sony’s successor in the FIFA sponsorship, Nikkei said in a report, not citing sources.
"Our company wants to refrain from commenting," a Sony spokeswoman said in response to the Nikkei report.
National broadcaster NHK, along with other Japanese media, later said Sony had not decided to renew the contract due to cost.
The move would follow Dubai-based Emirates Airline’s announcement this month it was ending its sponsorship contract with FIFA, a big blow to the embattled organization.
Adidas, Coca-Cola, Hyundai and Visa are among FIFA’s other major sponsors.
Sony on Tuesday announced plans to restructure its television and mobile divisions, while targeting growth for its electronic devices division.
The struggling firm is trying to reduce costs after warning last month that its net loss for the April-September period increased to some $1.0 billion.
