MU owner at risk of losing a lot of money due to debt to Tottenham

Tottenham ask INEOS group to pay 5.3 million pounds in compensation.

According to The Telegraph , Tottenham filed a lawsuit against INEOS for breaching a sponsorship deal worth at least £17.5 million over five years, signed from 2022. Under the agreement, the Ineos Grenadier off-road vehicle line will become Spurs' official partner.

However, Tottenham accuses INEOS of failing to pay more than £5m, which was due on 1 December 2024. In addition, they have not paid an inflation adjustment of nearly £500,000, which was due on 16 August. For these breaches, Tottenham is demanding compensation of nearly £5.3m.

The lawsuit documents show that the contract between the two parties stipulated increasing annual payments, from £2.125m in the first year to £4.6m in the fourth year, all excluding VAT and adjusted for inflation.

Responding to the allegations, INEOS representatives affirmed that they had the right to terminate the contract and did so in December 2024, in accordance with the terms of the regulations.

Spurs’ relationship with INEOS began in 2020, when the petrochemical company became the club’s official sanitiser sponsor during the Covid-19 pandemic. However, due to financial pressures, INEOS implemented a drastic spending cut strategy, leading to the termination of many sporting partnerships, including with Tottenham.

At MU, INEOS also applied a policy of tightening the belt, causing a lot of controversy. They increased ticket prices and cut about 250 employees. However, in contrast to the stinginess in operations, INEOS was very strong in the transfer market, supporting coach Ruben Amorim to recruit striker Matheus Cunha and is about to complete the deal for Bryan Mbeumo from Brentford.

Source: https://znews.vn/chu-mu-nguy-co-mat-bon-tien-vi-no-tottenham-post1564095.html