Toyota will scrap its sponsorship for Vietnam’s top-tier football league in 2018, ending a three-year partnership between the carmaker and the tournament organizer.
Tran Anh Tu, chairman of the management board and general director of the Vietnam Professional Football JSC (VPF), announced on Saturday that Japan’s Toyota Motor Corporation will no longer be the sponsor of the V-League 1, starting next season.
The VPF is the firm authorized by the Vietnam Football Federation (VFF) to organize league games in Vietnam.
After assuming the leadership position of the VPF for the 2017-20 tenure, Tu has worked with Toyota representatives regarding its sponsorship for the championship.
They then reached the decision, putting an end to a three-year partnership between the Japanese carmaker and the V-League 1 organizer.
Toyota was previously the main sponsor of the football league in the 2015-17 seasons, providing VND40 billion (US$1.76 million) in funds each season.
After three seasons, the firm asked for a decrease in the annual value of the sponsorship due to some financial challenges.
The VPF’s previous board of directors had failed to clinch a deal with Toyota over this matter despite negotiations.
Following an annual general meeting on December 3, the VPF’s new management board carried on with the negotiations, before announcing the end of the sponsorship.
The VPF is set to expedite the process of selecting a new sponsor for the V-League 1, which is scheduled to begin in March 2018.
Founded in 1980, the V-League 1 is the top professional football league in Vietnam.
The VPF was established in 2012, when it took over the rights to organize the league from the VFF.