Colorado Rapids are going to sue one of their main sponsors.
A few weeks ago, the Denver Post revealed that the Colorado Rapids jersey sponsor, Ciao Mobile, had only paid the club $75k out of the $560k which was due by 30th September.
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Furthermore, the payments go up in steps every year until the end of the agreement in 2018. In the final year $2.25m will be payable, making the total payable for just under five seasons a not insignificant $8.3 million. You can see why the Rapids are concerned.
The court has set a hearing for Wednesday, 4th February next year. However, the court has stated that both the Rapids and Ciao, ‘must discuss the nature and basis of their claims and defences and the possibilities for a prompt settlement or resolution of the case [in advance of the date]’
Watch this space!