Umbro nets Rangers sponsorship deal

SPORTSWEAR manufacturer Umbro, which lost the football-strip contracts for Chelsea and Celtic, today signed up the Scottish club's arch-rivals Rangers in a four-year sponsorship deal.

The news will come as some relief, particularly following investors' disappointment at Chelsea chief executive Peter Kenyon's decision in January to end the club's deal five years early in return for a £24.5m payment.

Rangers, who consolidated their lead in the Scottish Premier League last night by beating Hearts 2-1, currently have the upper hand against Celtic, which is switching its shirt sponsorship next season to Nike.

Umbro announced the deal as it reported surging pre-tax profits for the year to 31 December of £15.4m against £4.8m the previous year, thanks largely to record sales of replica strips for the Euro 2004 championships.

Turnover at the group, which floated last May, was £140.4m against £127.4m previously. The Chelsea compensation is not included in the figures.

Chief executive Peter McGuigan said: 'In our first year as a listed company we have delivered record results and achieved all the financial targets set out at the time of listing.'

The shares floated at 100p and started today's trading at 113½p. Private equity group Doughty Hanson, whose Nigel Doughty is chairman of Umbro, retains a large shareholding.

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