Credit Suisse Arena
Credit Suisse press release:
Zurich, July 4, 2019 – Credit Suisse is underscoring its commitment to Swiss football: In addition to its long-standing and wide-ranging collaboration with the Swiss Football Association, Credit Suisse has become the arena partner of Zurich's planned football stadium, which from now on will be called the "Credit Suisse Arena." The agreement between Credit Suisse and the stadium's operator, Stadion Zürich Betriebs AG, will enable both of Zurich's city football clubs to generate additional sources of income that would not be possible without the new stadium.
This week, Credit Suisse (Switzerland) Ltd. and the company operating the new stadium, Stadion Zürich Betriebs AG, signed a multi-year agreement governing their partnership. Each football team owns 49 percent of the operating company, with the remaining two percent held by MFT Meier Finanz-Treuhand AG. The agreement makes Credit Suisse the new stadium's partner and assigns the associated naming rights to the bank. The stadium will be called the "Credit Suisse Arena." The agreement takes effect immediately and runs for ten years after the stadium becomes operational. Starting with the next season, Credit Suisse's name will be prominently displayed as the arena partner to both football clubs using perimeter advertising.
Credit Suisse Arena hugely important to Zurich's football clubs
FC Zürich and Grasshopper Club Zürich currently employ a total of 400 people, including many youth team coaches, medical personnel, and administrative staff. Add to that about 350 football-mad children and teenagers (girls as well as boys) per club. Besides their personnel expenses, the teams have considerable outlays for hosting matches, paying stadium rent, providing security, and making additional investments. Yet, the prevailing economic conditions are inadequate for both football teams. Because they have no general marketing rights at the Letzigrund stadium, they miss out on a large portion of the proceeds generated by the stadium. The new stadium, however, provides completely new sources of income. Besides the recently issued naming rights, they can now generate funds from concession stands, for instance. This additional revenue will be crucial to the long-term prosperity of both clubs.
First kick-off scheduled for the 2022/2023 season
All the championship games of FC Zürich and Grasshopper Club Zürich will take place at the Credit Suisse Arena. The stadium will also host friendly matches, matches involving the Swiss national football teams, international matches, and selected women's matches. The construction of the stadium is made possible thanks to a system of cross-financing involving the construction of two residential towers. The Ensemble project is privately financed and was given the green light by the citizens of Zurich in a referendum on November 25, 2018. According to the current timeline, the first kick-off will take place at the start of the 2022/2023 season. The two high-rise buildings and the cooperative housing development will be constructed in stages starting in 2023.
Thomas Gottstein, CEO of Credit Suisse (Switzerland) Ltd.:
"Through the Credit Suisse Arena, we are further expanding our long-term support for Swiss football, which includes our partnership of more than 25 years with the Swiss Football Association. Moreover, today's announcement is also an expression of our commitment to Zurich, where our bank has its roots. We are already looking forward to the first kick-off and some gripping matches between Zurich's football clubs and their opponents at the Credit Suisse Arena!"
Andras Gurovits, Vice Chairman of Grasshopper Club Zürich:
"We are extremely pleased to have succeeded in gaining Credit Suisse, a bank with roots firmly planted in Switzerland and in Zurich, as the arena partner. Awarding the naming rights will provide us with key support in funding our club's activities, including youth league football, from next season already. Owing to the fact that we will soon be able to play in a 'real' football stadium, the Credit Suisse Arena also means a significant boost in our optimism about the future."
Ancillo Canepa, Chairman of the Board of Directors of FC Zürich:
"I am happy that the new stadium will again host throngs of roaring fans, creating a much more exciting atmosphere. At the same time, it will also enable us to generate additional revenues to which we did not have access in the past. That will give the club long-term prospects. After a clear majority of voters approved the Ensemble project, we are now hoping for speedy and timely completion. I am greatly looking forward to FCZ's first match at the Credit Suisse Arena in the summer of 2022!"
More information about Project Ensemble is available at: www.projekt-ensemble.ch