Nike Terminates Sponsorship Deal With Spartak Moscow: Reuters
Nike Inc (NYSE:NKE) has ended its sponsorship deal with Russian Premier League club Spartak Moscow, Reuters reported.
- The move comes after UEFA, the governing body of European soccer, decided Russia will not have its team's club competitions in the 2022-23 season due to the invasion of Ukraine.
- Spartak has been sponsored by Nike since 2005.
- The Europa League last-16 matches between Spartak and RB Leipzig were called off in February after UEFA suspended all Russian clubs from its competitions.
- Russia's Ukraine invasion has sparked calls for multinational corporations to shut operations in the country, along with a set of economic sanctions from western countries.
Price Action: NKE shares are trading higher by 4.16% at $112.39 on the last check Friday.
- Photo Via Wikimedia Commons
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