RugbyU: RBS confirms new Six Nations deal
The ailing Royal Bank of Scotland confirmed that it was extending its sponsorship of the Six Nations rugby union championship for a further four years.india Updated: Jan 28, 2009 21:43 IST
The ailing Royal Bank of Scotland (RBS) confirmed on Wednesday that it was extending its sponsorship of the Six Nations rugby union championship for a further four years.
The announcement came despite the fact that last week RBS forecast it would make a British corporate record annual loss of 28 billion pounds.
RBS is now 70 percent owned by the British Government but that won't stop it from continuing to back the Six Nations up to and including the 2013 edition, in a deal reported to be worth 20 million pounds.
Six Nations chief executive John Feehan said on Wednesday: "RBS has been a hugely supportive sponsor for the championship. We are delighted to have extended our association."
RBS has sponsored the Six Nations since 2003. Talks over a new deal began after last year's tournament, before the full extent of RBS's financial problems became public knowledge.
Even at the low-end of estimated losses at 22 billion pounds (24 billion euros, 32 billion dollars) RBS remains on course to post the biggest annual loss in British corporate history.
That was set by telecommunications firm Vodafone, which recorded a loss of 15 billion pounds in 2005-06 after it was forced to revalue its assets.
This year's Six Nations starts on February 7 with England at home to Italy and Ireland taking on France. Defending grand slam champions Wales are away to Scotland on February 8.