Codere has signed a prominent agreement with Club Atlético River Plate, strengthening its presence in the Latin American market.
Codere Teams up With Atlético River Plate
Codere Group has signed a four-year agreement with Club Atlético River Plate in Argentina, becoming the team’s official betting partner, to gain more visibility in the Latin American market. The Primera División team will put the group’s branding on the team’s shirt sleeve for the initial stages of the deal.
The deal also builds up Codere’s additional LatAm sponsorships, which also includes Mexico’s Monterrey Rayados. Argentina and Mexico, and the entire LatAm market, are strategically important for Codere’s growth. The group’s goal is to build up a strong footprint in the sports market and become one of the first options for bettors in the region.
The company also promotes the main sporting events around the world with campaigns like those developed for the CONMEBOL America Cup and the 2020 UEFA European Championships.
Codere Extends Its Reach in the LatAm Region
Codere’s Sponsorship Manager, Carlos Sabanza, said of the latest agreement, “This agreement allows us to reach the Argentine and Latin American public in the best and most direct way possible, providing our current and future customers the best brand experience.”
River Plate Club Vice Chairman, Jorge Brito, added that it’s a pleasure to have Codere as a sponsor. He said that the company’s experience, global presence and growth in Latin America would help the club continue its mission to extend its reach. The two parties share the same commitment and fair play values.
Sabanza said that this partnership with one of the most important soccer teams in the country would allow the company to boost its presence and become a leading online sport wagering omnichannel provider in a key market.
Codere’s Recent Struggles
The new agreement is part of the company’s expansion strategy on the Argentinian and wider Latin American market since its US Nasdaq Stock Exchange debut. Recently, Codere Online completed its public listing after merging with SPAC DD3 Acquisition Corp. II. The dealmakers targeted a valuation of $350 million for the online betting unit.
Codere agreed to be placed under the control of its creditors in the US and ease up its liability burdens of over $836 million. Along with its SPAC merger, Codere also agreed to a restructuring plan, securing a cash injection of over $268 million, converting its long-term debt of $418 million into corporate equity.