VW may drop sponsorship of Schalke, Hannover and Bremen
ByReuters
Updated 22/11/2015 at 13:35 GMT
Bundesliga clubs Hannover 96, Werder Bremen and Schalke 04 as well as second division 1860 Munich are on the list of sponsorships Volkswagen AG is considering dropping to cut costs amid its emissions scandal, German weekly Bild am Sonntag reported.
Goretzka, Sané and Meyer: the new Schalke 04 generation of talents
Image credit: Imago
Volkswagen, Europe's largest carmaker, is battling the biggest business crisis in its 78-year history after admitting in September it installed software in diesel vehicles to deceive U.S. regulators about the true level of their toxic emissions.
On Friday, it cut €1 billion from its 2016 investment plan, as its emissions cheating scandal expanded to include tens of thousands more U.S. vehicles.
Auto analysts say the company could face a bill as high as €35 billion for fines, lawsuits and vehicle refits.
According to Bild am Sonntag, Volkswagen spends about €1.5 million per season on each of the clubs it could now cut from its sponsorship list.
In addition, Volkswagen may drop its €5 million-a-year sponsorship of ice hockey club Grizzlys Wolfsburg, the paper said.
Volkswagen said football was a major pillar of its sponsoring strategy that it would continue to pursue in the future.
"It has not yet been decided what the volume of that will be," it said in an e-mailed statement on Sunday.
Last month, VfL Wolfsburg said it had postponed plans for a new multimillion-euro youth training centre after VW's emissions scandal.
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