Following the news that Russia has invaded breakaway territories in Ukraine;

Conrad Wiacek, Head of Sport Analysis at GlobalData, a leading data and analytics company, offers his view on how this will impact sport sponsorship and event agreements:

“While the Champions League Final, due to take place in St Petersburg, has been the focus over the past few days, many other sport focused sponsorship and event agreements are now at risk. The financial repercussions from Russia’s invasion will reach deep into the sports industry.

“Event agreements that will be impacted include Formula One hosting the Grand Prix in Sochi and Zenit St Petersburg, due to play the second leg of their Europa League tie against Real Betis this evening (24 February).

“Sponsorships will also be affected by this, including Gazprom, a major UEFA sponsor of both the Champions League and European Championships, committing $60 million to UEFA, in addition to their partnership with German soccer club Schalke 04, worth close to $30 million annually.

“In addition to massive sponsorship agreements, Russia is a major events host with upcoming events such as the UEFA Super Cup in 2023, the European Rhythmic Gymnastics Championships in 2023 and the European Curling Championships later this year. This is in addition to declaring interest in hosting the 2027 Rugby World Cup and the 2036 Olympic Games, all of which are now under threat. This will be a particular blow to the International Olympic Committee, with host cities and nations becoming increasingly difficult to come by. The question facing many international governing bodies is whether they are guided by money or by morals.”