Sponsorship Withdrawal: Horse Riding Association Faces Major Financial Hit Over Loss of Key Backer - Sponsorship withdrawal causes stir within local riding group
The German Equestrian Federation (FN) is grappling with financial challenges after its main sponsor, Agria, terminated its partnership with the organisation. The exact date of the termination remains unknown, but the contract was scheduled to run until 2028 and was expected to generate annual revenues of 600,000 euros.
President Martin Richenhagen of the FN has not confirmed the effectiveness of the termination, stating that the federation will pursue legal clarification. He finds the termination both strange and unsportsmanlike. The FN has been undergoing financial difficulties, with a deficit of 976,000 euros in 2023, a stark contrast to the surplus of about 140,000 euros it enjoyed the previous year.
In an effort to stem the financial losses, Richenhagen plans to generate 500,000 euros annually to build up a reserve of three million euros. The FN is currently seeking a new sponsor, ideally one that can contribute up to one million euros.
The financial woes of the FN began in 2023 with the dismissal of its financial manager. Following this, President Hans-Joachim Erbel and other board members resigned. Dennis Peiler, sports manager, will now take over as the chairman of the board of "Equestrian Sport Germany".
The FN is also undergoing a restructuring and will merge with the German Olympic Committee for Riding (DOKR) to appear as the brand "Equestrian Sport Germany" from 2026. This merger is expected to provide opportunities for recreational sport and streamline structures, potentially leading to cost savings.
However, the FN has not released a public statement regarding the termination of its partnership with Agria. Similarly, Agria has remained silent on the matter. At a press conference, Richenhagen expressed his disappointment and stated that the federation will continue to work diligently towards securing a stable financial future.
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