Stock Exchange Looks to Soccer to Shore Up Tel Aviv Trading
Tel Aviv Bourse Soccer League Kicks Off as Sponsorship Signed
(Bloomberg) -- Seeking fresh ways to get businesses to play ball, Israel’s stock exchange is turning to a new game: soccer. The country’s premier football league will be renamed for the Tel Aviv Stock Exchange under a three-year sponsorship agreement.
The 12 million shekel ($3.3 million) deal covers the 2019-2022 seasons, the TASE and Israeli Professional Football Leagues said in a joint press release.
The move comes as the TASE has turned creative to boost trading volume and convince businesses to list. Last year the exchange sold a nearly 20% stake to New York-based investment fund Manikay Partners as part of its quest to invigorate trading, but delayed its own initial public offering.
“This strategic collaboration with the IPFL is an excellent and unique opportunity for us to join forces with a strong and popular brand that benefits from broad exposure, as well as reach out to new audiences,” said Ittai Ben-Zeev, chief executive officer of the stock exchange.
Erez Halfon, chairman of the Israeli Professional Football Leagues, said the sponsorship deal will contribute to the league’s image, and will include a financial education program for players that will prepare them for life after football.
To contact the reporter on this story: Alisa Odenheimer in Jerusalem at aodenheimer@bloomberg.net
To contact the editors responsible for this story: Shaji Mathew at shajimathew@bloomberg.net, Michael S. Arnold, Ivan Levingston
©2019 Bloomberg L.P.