Spanish LaLiga side Real Sociedad has announced they have officially canceled the sponsorship deal with Qbao.com, citing that the Chinese online financial platform failed to fulfill the terms of their contract in the past month.
As said in the official Sina Weibo post on Wednesday (January 31), “Real Sociedad states openly that Qbao.com will no longer be our major sponsor from today. Considering that Qbao.com, caught up in negativity over the past month, failed to fulfill the obligations and responsibilities required in our commercial sponsorship contract. Real Sociedad has decided to terminate the contractual relationship and sponsorship deal with Qbao.com.”
Their current contract, expected to run through 2020, is an extension the two sides signed to continue their 2014 deal.
According to an earlier report, Zhang Xiaolei, head of Qbao.com, surrendered to the Nanjing Municipal Police in the investigation of an alleged fraud committed by the company. The LaLiga side has been seeking to minimize negative publicity brought by associating with Qbao.com, and has finally decided to terminate the contract with their Chinese sponsor.
Qbao.com is also the title sponsor of Chengdu Qianbao Football Club, a China League Two division club based in the southwestern Sichuan province.
Proofread by William Logsdon