Already under pressure, OM would have done without that. On the eve of starting a new season in Ligue 1, the PSG dolphin has learned that his new main sponsor, Cazoo, a British company, has just suffered big losses. Consequently, the specialist in the online sale of used cars, must review its strategy, particularly in terms of sponsorship.
This announcement does not only concern OM but also Lille, the other French club sponsored by Cazoo. The latter is also a partner of many European clubs such as Valencia and Real Sociedad in Spain, Bologna in Italy, and Freiburg in Germany. Cazoo is also the main sponsor of the Wales national rugby team and football clubs, Aston Villa and Everton in England.
For Cazoo, a company founded in 2018, nothing is going right. Its six-month losses climbed from 100 to 243 million pounds (290 million euros) in one year. Despite a fundraising of 630 million euros in February, nothing helps. The decrease in cash reserves is very real. So much so that its founder Alex Chesterman has just announced a plan for 750 layoffs. Symbol of the collapse of Cazoo, the share price on Wall Street fell from 10 dollars to only one in the space of twelve months.
Refocus on the UK market
To stop this vertiginous fall, Alex Chesterman indicated that he was carrying out a “complete strategic review of activities in continental Europe, in order to continue to reduce our consumption of cash”. Understood, Cazoo will refocus on the British market.
Questioned by the newspaper Les Echos, a spokesperson for the group confirms that activity in other countries is clearly threatened, without however specifying whether France would be concerned or not. “It’s too early to speculate,” says Cazoo’s spokesperson. The review process must take its course, any decisions on changes in our way of working will be taken afterwards. »
If the amount paid by Cazoo to appear on OM jerseys is not known, its predecessor, Uber Eats had put 5 million euros on the table.