Betting firm Sportpesa has decided to part ways with Formula One Team; Racing point.
The firm made the shocking announcement to end its contract with the Formula One team on Monday, February 17, 2020, stating that it wants to focus more on its business strategies and sponsorship approach.
SportPesa had signed a three-year contract with the Formula F1 side, Racing Point, where the betting firm invested a whopping three billion shillings.
“After an amazingly successful season with the Racing Point F1 Team, we wish them success in the 2020 competition, and we look forward to their transformation into Aston Martin Racing in 2021. We would like to thank the team and F1 for a great season working together and we would look forward to opportunities of working joints on local activations,” Sportpesa announced.
The shocking announcement by SportPesa to terminate its contract with formula one side came just hours after the firm ended a separate contract with the English Premier League side, Everton FC.
Everton FC said it would bid farewell to Sportpesa at the end of the 2019-2020 season, with the English club stating that it has to focus on the new and better deals presented before them.
“Everton Football Club will end its partnership agreement with SportPesa at the end of the current season,” read a statement on the club’s website.
“The agreement has been reached following a comprehensive review by the club of its commercial strategy in line with its vision and future growth plans,” Everton announced.
Sportpesa had sponsored several other sporting teams both locally and internationally. It had to terminate its sponsorships with the Kenyan teams owing to the unfavorable business environment (it said) was created by the taxman.
The firm has so far terminated contracts with all the teams it sponsored in Kenya including the Kenyan premier league after it left the Kenyan market, formula one side Racing Point and Everton FC which is yet to be confirmed.
However, Sportpesa will continue to sponsor teams in Tanzania, South Africa, and the United Kingdom.
Tanzanian clubs Yanga, Simba Singida United and Namungo, South African club Cape Town City and English championship team Hull City, will continue being the beneficiaries of Sportpesa’s sponsorships.