Liverpool’s shirt sponsors, Standard Chartered Bank, have been accused by US regulators of sanctions busting deals on behalf of the Iranians. The allegations are denied by the Bank, but there is a real risk of their US licence being revoked. This would pose serious difficulties for them as much as their income comes from facilitating trade deals. In the meantime, 16 per cent has been wiped off the value of their shares.
Liverpool’s shirt sponsors, Standard Chartered Bank, have been accused by US regulators of sanctions busting deals on behalf of the Iranians. The allegations are denied by the Bank, but there is a real risk of their US licence being revoked. This would pose serious difficulties for them as much as their income comes from facilitating trade deals. In the meantime, 16 per cent has been wiped off the value of their shares.
Suggestions that Liverpool might drop the sponsorship, worth £20m a year, are premature. The team needs the money as they seek to rebuild under Brendan Rogers. However, the American owners of Liverpool are well aware of the damage to corporate image that association with a scandal of this kind can create.
Funding the sponsorship should not be a problem given the Bank’s total assets and turnover.