Bank of Ireland has provisionally agreed a five-year deal with Munster Rugby to become the club’s title sponsor, a position the bank previously held for six years up to 2004, according to the Irish Times newspaper.
Although financial details of the deal have not been disclosed, it is reported that it could be worth up to €700,000 ($902,000) per year plus bonuses if certain targets are met.
Current title sponsor Toyota succeeded the bank in the role in 2004, and went on to sign a three-year extension to its partnership in 2010. The automotive giant’s deal will officially expire next month, which will allow Bank of Ireland to regain its position.
Although Bank of Ireland relinquished its title sponsorship role in 2004, it continued to act as Munster’s official bank. The move to return as title sponsor reflects its strategy to further strengthen its ties with Irish rugby.
The bank has sponsored Leinster since 2007 and renewed its deal in 2011 for another four years, while it has also sponsored Ulster since 1997. Additionally, the bank was title sponsor of Connacht from 1996 until 2011, before Mazda agreed a three-year deal with the club.
The focus on and increase in rugby sponsorship has been coupled with the recent conclusion of deals in other sports, including partnerships with the Gaelic Athletic Association and golfer Pádraig Harrington.