Manchester – Stephen Wright, partner at DLA Piper Rudnick Gray Cary ("DLA Piper") has acted for JJB Sports PLC in a 10-year licence agreement with Glasgow Rangers FC.
The deal is worth a minimum of £48m. The Glasgow club will receive an initial payment of £18m in June, when it launches its new Umbro home kit. A guaranteed minimum annual royalty of £3m will be received by Rangers in each year of the licence.
DLA Piper has previously acted on a number of sponsorship and brand acquisition deals for JJB Sports plc, including in relation to Everton FC, Leicester City FC and Slazenger.
"We are delighted to have been able to support JJB Sports on this very significant deal," said Stephen Wright.
Tom Knight, JJB Sports CEO commented: "As a result of this agreement, JJB becomes the official retail partner to one of Europe’s most prominent football clubs. We have similar agreements in place with Everton and Wigan Athletic and such agreements provide exciting opportunities for us and underline our position as the UK’s leading sports retailer."
JJB Sports is the UK's leading sports retailer. Formed in 1971 to acquire a single sports store which had been established in Wigan during the early 1900's, the store portfolio grew to 120 stores in 1994, at which point the company was floated on the London Stock Exchange.
Rangers chairman David Murray said: "It will allow for the reduction of the club's debt and enable further investment to be made in the team." Murray, who had promised a major announcement once his side were out of the Champions League, said the club's facilities would also benefit.
Stephen Wright was assisted on the transaction by assistant solicitor Rob Sheldon.
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