Nigeria Football Federation (NFF) has unveiled AITEO Group as the new Federation Cup rights holders on Wednesday in Lagos for the duration of five years, Naijafootballplus.com can report.
Nigeria’s oldest football competition has been without sponsors for years and the Federation has partnered with AITEO Group to revive the glamour of the tournament.
According to a statement released by the NFF, the new Federation Cup deal is an extension of the partnership already enjoyed by the football body.
“AITEO Group has acquired the Naming Rights Of The Federation Cup as an extension to their sponsorship with the NFF as part of the rights of AITEO had under the original agreement,” the NFF statement reads.
“Those rights enable the acquisition of additional commercial assets from the NFF that are available and not encumbered on a mutually negotiated basis. To this end, the NFF Federation Cup is to be known as ‘AITEO Cup’.
“The duration of this aspect of the sponsorship is a five-year period, similar to the main agreement on a cost value agreement commencing from the 2017 season.
“This agreement will see AITEO underwriting the costs of the organization of the which encompasses the costs of organising the competition from the round of 64 to the finals, solidarity support to State FA’s, cost of match officials, support to participating clubs, media, branding/activation and prize Money to winner”.
Last season the winner of the Federation Cup in the Male’s event earned Two million Naira while winners of the Female event went home with One million Naira.
“Accordingly, for the 2017 season, the prize monies for the winners of the AITEO Cup will be N25 million for the Male’s and N10 million for the Female’s events, while the runners up will be N10 million for the Male’s and N5 million for Female’s event. The NFF and AITEO will, in due course unveil further details of all the benefits for the competition.
“The cost value agreement of the transaction is for NFF and AITEO to annually decide the nature and value proposition of the AITEO Cup under the framework of the relationship and AITEO would now underwrite the cost as the competition ‘Naming Right Holder,’ the statement concluded.
The NFF and AITEO will conduct the draws of this year’s edition in the next fortnight.