MOSCOW. Nov 28 (Interfax-AVN) - The Sibneft oil company, recently acquired by gas giant Gazprom, will not be sponsoring the CSKA football club (abbreviation stands for 'Army Central Sports Club') after the end of this year.
"The contract with CSKA will run until the end of 2005, and will then be severed," a source at Sibneft told Interfax.
"Sibneft's new owner made the decision on the basis that there is no need to promote Sibneft's brand federally or internationally," the source said.
The three-year, $54-million sponsorship deal with CSKA was signed in the spring of 2003. CSKA won the UEFA Cup in the 2004-2005 season, the Russian national cup, and was Russia's league champion in the 2005 domestic season, which ended in November.
The source said Sibneft would continue to sponsor the Avangard hockey club and regional teams, but could review the amount of financing involved.