Stockholm-listed iGaming affiliate Raketech has been forced to terminate its sponsorship of Swedish football club Djurgårdens IF.
Raketech announced last month that its leading sports media platform Tvmatchen.nu would serve as an official partner of top-tier Swedish football club.
However, the company has since been informed by the Swedish Elite Football Association (SEF) that its contract is invalid due to SEF’s existing sponsorship agreement with state-owned gaming operator Svenska Spel. The partnership has therefore been cancelled with immediate effect.
SEF represents the 32 elite football clubs in the top two divisions of the Swedish football league system, Allsvenskan and Superettan.
“We are disappointed to end our partnership with Djurgården,” said Raketech CEO Michael Holmberg. “When exploring a partner we received eight offers from top-flight Swedish football clubs, none of them raised a conflict of interest between Tvmatchen’s services and existing sponsorship agreements.
“We will now continue to strengthen our relationship with Swedish football fans and build upon our position as Sweden’s leading TV sports platform in other ways.”
Shares in Raketech Group Holding plc (STO:RAKE) were trading down 1.22 per cent at SEK20.20 per share in Stockholm Friday morning.