World Match Racing Tour's title sponsor goes into administration
by WMRT on 20 Jan 2015
Alpari WMRT Logo SW
The World Match Racing Tour announced its regret that after a successful title partnership with cross currency broker Alpari (UK) since 2012, which generated significant exposure for the brand, that Alpari has been put under the control of an administrator.
In a statement, the WMRT expressed special sympathy for our friends and colleagues at the company who have been affected by the announcement.
The World Match Racing Tour is continuing as scheduled, including the final event of the 2014 World Championship in Malaysia from 10-14 February. The Tour will shortly announce its 2015 calendar of events, including two new official stages.
With over 250 sponsors involved across all Tour events worldwide, we have already received interest from potential global partners for the coming season.
Alpari was hard hit by the decision of the Swiss central bank to lift the cap on the Swiss franc, causing it to rise significantly and unexpectedly in value, generating a large number of calls on cross currency brokers such as Alpari, which were more than the companies resources could withstand, and the company made a subsequent announcement that it would not be able to meet these calls. After initially saying that it would be entering insolvency, the directors backed away a few days later saying they were investigating all options including a company sale. However KPMG has been appointed as an administrator, several companies are reported to be interested in the acquisition of Alpari, which employs 170 staff.
The World Match Racing Tour is expected to continue with its racing program, using the existing sponsor base, but will obviously be in the market for a naming rights sponsor unless an arrangement can be struck with a new owner of Alpari.
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