Hearts of Oak Close To MTN Sponsorship Deal

Accra Hearts of Oak have turned to telecommunications outfit MTN to renew their partnership with a new sponsorship deal ahead of the commencement of the Ghana Premier League.

Seven years after severing ties when the ownership of the club was taken over by Togbe Afede XIV, the Phobians are back negotiating on the quiet with their one-time shirt sponsor.

In 2011, Hearts turned down a right to renew their shirt sponsorship contract with MTN after demanding more money from the telecom giants. The following year, they entered into a GH¢600,000-a-year deal with Strategic Africa Securities (SAS), owned by the majority individual shareholder and Executive Chairman, Togbe Afede XIV, but Hearts have struggled to attract new sponsorship since the SAS deal expired in 2014.

Insiders have revealed to the Graphic Sports newspaper that the talks have been positive so far and Hearts stand to benefit from a deal similar to that enjoyed by archrivals, Kumasi Asante Kotoko, from MTN.

Hearts’ decision to ditch their former sponsors did not go down well with the telecom giants which was ready for a renewal of the deal. It had to take the club’s Managing Director, Mark Noonan, to enter into a difficult negotiating process to convince MTN that the Phobians were ready for business again despite the circumstances under which they parted ways seven years ago.

Insiders have revealed that Noonan, an American, advanced a strong argument as to why conditions at the club were more favourable under his leadership for a mutually beneficial relationship with MTN whose response to Hearts’ proposal was reportedly looking favourable.

“There are positive signals being picked from the negotiation that MTN will heed to the call of the club for support,” the source said.

The Phobians currently enjoy sponsorship mainly from oil marketing firm, GOIL, but the club’s sources tell the Graphic Sports that funds from sponsors were irregular and inadequate to meet the demands of running the club’s secretariat and pay salaries of players and officials.

A financial statement for last year released at their Annual General Meeting held in Accra on August 15 indicated that Hearts earned GH¢549,248 from sponsorship for the previous season, representing a marked improvement over the GH¢174,205 received in sponsorship in 2016.

About eight months ago, Hearts’ archrivals Asante Kotoko renewed their sponsorship with MTN, reportedly worth GH¢1.5 million a year in cash and products of the company, extending a relationship which dates back to 2011.