Villa to Lose FxPro Sponsor, Record Annual USD60m Loss

Reports suggest that English Premier League soccer club Aston Villa are set to see their record shirt sponsorship deal with Russian-owned currency traders FxPro, price withdrawn after just one season.

Sources from the Daily Mail claimed that the company had an option to do this upon signing three-year deals with both Villa and Barclays Premier League rivals Fulham.

The newspaper stated that FxPro have continued their affiliation with Fulham and sources have touted that the London club agreed to a decrease in their £3.5m (US$5.7m) annual sponsorship in order to ensure this.

Sources close to the Midlands club revealed that the company attempted to do the same with Villa after the club had disappointed this season, unhealthy but the club refused to do so.

Aston Villa chief General Charles Krulak, right hand man to owner Randy Lerner confirmed the decision, stating: This sponsorship issue (the end of contract with FX Pro) took place awhile back. Not sure why the papers just picked up on it. It is probably not a good idea to go into what has transpired other than to say that we will be paid throughout this season and that we already have sponsorships on the table.”

In other news, the clubs accounts were released this weekend from holding company Reform Acquisitions Ltd. revealing a £37m ($60m) loss from last year.

Despite hefty losses, this figure is down from the year previous when the club made an annual loss of £46.2m ($75m).

Key figures from the report included a turnover increase from £84m ($136.4m) to £90m ($146m) due to match receipts being £2m ($3.25m) higher, media – £2.5m ($4.06m) higher and ommercial £2.4m ($3.9m) higher

Operating expenses increased from £105m ($170.5m) to £111m ($180.2m) and a loss of £30m ($48.7m) was made due to player transactions, but perhaps most worryingly for the club bank loans increased from £9m ($14.6m) to £20m ($32.5m).