BEIJING, Feb. 21, 2020 (GLOBE NEWSWIRE) -- Infront, a Wanda Sports Group company (Nasdaq: WSG), will continue as the exclusive marketing partner of the International Biathlon Union (IBU) after extending its partnership by eight years, to the 2029/30 season. The current agreement was due to end after the 2021/22 season.
By the time the 2030 season arrives, Infront and the IBU will have celebrated 36 years of partnership. The first agreement was signed in 1994 between the IBU and APF Marketing Services, which Infront acquired in 2005.
Infront Vice President Winter Sports Stefan Krauss said: "Biathlon is and will remain a fascinating sport and highly attractive advertising platform. We have agreed with the IBU to set the highest possible benchmark when it comes to implementing innovative, environmentally friendly and sustainable methods to attract commercial partners. This long-term partnership offers Infront and the IBU's sponsors an excellent opportunity to plan, collaborate and implement their future strategy already as of now."
IBU President Olle Dahlin said: "Through our strategic plan, Target 26, we are committed to fulfilling our sport’s enormous potential and our progressive partnership with Infront will support us in doing that. This agreement guarantees IBU long-term sponsors’ support and allows us to plan our reinvestment into the sport as we aim to extend our reach, innovate our future and enhance our events. Infront is a familiar partner, but a progressive one and I look forward to writing the next chapter in the IBU's history with them."
Hengming Yang, President and CEO of Wanda Sports Group said: “The extension and expansion of our IBU partnership reflects the value of our marketing services and ability to tailor and scale our support to meet the federation’s evolving needs. We are proud of our decades-long relationship, which is a strong testament to the sustainability and trusted solutions that we deliver across our Spectator Sports business.”
This new deal expands on Infront's current role by adding the IBU Cup and IBU Junior Cup – the second and third tier biathlon competition series – to the portfolio. Previously the marketing rights included World Cup and World Championship events only.
About Wanda Sports Group
Wanda Sports Group is a leading global sports events, media and marketing platform with a mission to unite people in sports and enable athletes and fans to live their passions and dreams. Through our businesses, including Infront and The IRONMAN Group, we have significant intellectual property rights, long-term relationships and broad execution capabilities, enabling us to deliver unrivalled sports event experiences, creating access to engaging content and building inclusive communities. We offer a comprehensive array of events, marketing and media services through three primary segments: Mass Participation, Spectator Sports and Digital, Production, Sports Solutions (DPSS). Our full-service platform creates value for our partners and clients as well as other stakeholders in the sports ecosystem, from rights owners, to brands and advertisers, and to fans and athletes.
Headquartered in Beijing, China, Wanda Sports Group has more than 60 offices and 1,600 employees around the world.
Connecting fans and consumers to the greatest sports events, Infront, a Wanda Sports Group company, offers everything an event or commercial partner needs to be successful. With a team of over 1,000 experts working from 45 offices across more than 16 countries around the world, Infront is equipped to tackle any challenge – be it innovative digital solutions, world-class event operations, international media rights distribution, sponsorship sales and activations or cutting-edge media production. Headquartered in Switzerland, Infront is passionate and #AllAboutSports. @infrontsports www.infront.sport.
The IBU is the governing body for biathlon world, which organizes competitions, promotes biathlon, develops the rules and protects the integrity of the sport. The IBU has recently adopted a state-of-the-art constitution and a strategic plan, called Target 26. This strategy was developed and approved by the IBU’s membership and sees the IBU build on its strong foundation, while providing a framework for future success. Extending biathlon’s reach, enhancing its events and innovating its future are three of the five key targets set out in the strategic plan.
For more information, please contact:
Wanda Sports Group
Tel: +86 (10) 8558 7456
BEIJING, March 17, 2020 (GLOBE NEWSWIRE) -- Wanda Sports Group Company Limited (NASDAQ: WSG) (the “Company”) today announced that the Company signed a $240 million senior term loan facility agreement with Credit Suisse AG, Singapore Branch, enabling the Company to refinance and prepay its existing senior 364-day term loan facility, dated March 15, 2019.
Mr. Hengming Yang, President and CEO of Wanda Sports Group said, “We are very pleased with the new credit facility. The successful refinancing demonstrates continued confidence in our business and operations, despite the global challenges and uncertainties resulting from COVID-19. We will continue to work diligently on behalf of our partners, athletes, fans and shareholders.”
Mr. Brian Liao, Global CFO of Wanda Sports Group said, “As always, we are committed to lowering our costs, monitoring our use of cash, and balancing our investments with disciplined management of our existing financial resources to optimize shareholder returns. The new facility provides the Company with additional financial flexibility, while allowing it to take advantage of the current favorable interest rate environment to lower interest costs.”
The term of the new facility is 364 days. The pricing will initially be LIBOR plus an applicable margin, and the term is subject to certain mandatory prepayment terms. These and the other principal terms of the new facility are outlined further in a Form 6-K (Report of Foreign Private Issuer) submitted today to the U.S. Securities and Exchange Commission.
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements can be identified by terminology such as “will,” “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “plan,” “goal” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. All forward-looking statements speak only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included in this press release. The Company disclaims any obligation to update or revise forward-looking statements that may be made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, other than as required by law.