The bank is concerned the cost of renewing the sponsorship when the current deal finishes at the end of 2015/16 season is likely to be considerably higher, according to a report in The Sunday Telegraph yesterday (26 January).
The bank paid £40m a year to remain the title sponsor of the Premier League in 2012. The three-year deal is said to have cost Barclays about 50 per cent more than its previous package, an upward trajectory likely to continue if the bank signed up again.
Barclays has also spent millions activating the sponsorship with multichannel activity.
The review of its Premier League deal is part of a wider review of its sponsorship roster, the Telegraph report said. It is to end its sponsorship of London Mayor Boris Johnson’s cycle rental scheme when the current deal ends in 2015.
It is also said to be part of a strategy to invest more in technology and process initiatives that improve its customers’ experience.
The bank is trying to rebuild its brand after perception was hit in the wake of the LIBOR rate rigging scandal.
Barclays did not respond to a request for comment before this article was published.