Business
IBL Assigns England Cricket Contract
IBL Assigns England Cricket Contract.
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[{"type":"text","content":"\n \nEmbargoed: 11:00hrs 18 April 2007\n\n International Brand Licensing Plc \n\n ('IBL' or the 'Company') \n\n IBL Assigns England Cricket Contract \n\nInternational Brand Licensing Plc (\"IBL\") announces today that it has entered\ninto an agreement with the England & Wales Cricket Board (\"ECB\") and adidas for\nan early termination of its Admiral kit sponsorship.\n\nIn return for an up front payment of £1.6m and a reduction in royalties to the\nECB for the twelve months to April 2008, IBL has agreed to an early mutual\ntermination of its kit supply to the England teams.\n\nIBL, through Admiral, will continue to supply the England team and wholesale\nlicensed product on an exclusive basis throughout 2007 and up until 31 March\n2008.\n\nTony Hutchinson, IBL Chief Executive, comments: \"This represents a significant\ntransaction for IBL and refocuses the Group on its original core business of\nlicensing, its primary purpose when it joined AIM in May 2002.\n\nWe are very proud of our achievements in supporting English cricket over the\npast five years, but with the exclusivity of our existing agreement ending in\nApril 2009, we are delighted to have concluded this positive transaction for\nthe company.\"\n\nIn thanking Admiral for its support during the last five years John Perera, the\nECB Commercial Director, comments: \"Admiral has been an outstanding partner for\nthe ECB and the England team during what has been an unrivalled period of\nsuccess\".\n\nFor further information contact:\n\nTony Hutchinson 0041-79-468-9450\n\nAdam Reynolds 0207-245-1100\n\n\nRomil Patel 020 7448 4400\n\nKatie Ratner 020 7448 4400\n\nBlue Oar Securities\n\n\n \n ","length":2018,"tagName":"div"}]