(Bloomberg) -- Turkish sports club Galatasaray is in talks to get Kuwait Airways as a sponsor. If signed, an agreement would be the first major deal between a Gulf company and Turkish soccer.
“Talks with Kuwait Airways are yet at an initial phase,” Istanbul-based Galatasaray said in an exchange filing on Saturday. There were discussions about “ways of commercial cooperation between the two parties,” Kuwait Airways said in a Twitter statement a day earlier.
Possibility of a deal was first reported by Fanatik newspaper on Friday, which said a five-year deal that includes stadium-naming rights may be worth about $80 million. Galatasaray didn’t specify any financial details.
Earlier this year, Besiktas sports club signed a jersey and tribune sponsorship deal with the local unit of Bahrain-based cryptocurrency exchange Rain Financial Inc.
Galatasaray reported a loss of 173.7 million liras ($10.4 million) in the nine-month period ending in February, compared with a loss of 321.3 million liras in the same period a year earlier. Its shares rose 19% in Istanbul trading this year, trailing the 32% gain in the benchmark stock index.
(Adds Besiktas deal in fourth paragraph)
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