TOKY, Sept 30 – Nissan Motor Co. is considering selling its stake in the operator of Yokohama F Marinos, a J-League first-division football club based near Tokyo, in a further cost-cutting move, a source close to the matter said Monday.
The ailing automaker currently owns around 75 percent of Yokohama Marinos Ltd. It has sounded out multiple companies about the sale of the stake, the source said.
Nissan’s withdrawal from Yokohama Marinos would mark a symbolic step in its bid to scale back sports-related businesses amid a major restructuring.
Nissan has also ended a sponsorship deal with City Football Group, owners of Manchester City, who compete in the English Premier League, another source close to the matter said earlier.
Yokohama Marinos’ history goes back to 1972 when Nissan’s in-house football club was established. One of the league’s most successful and well-known teams, Yokohama F Marinos have won the league championship five times and have had many big-name Japanese players.
Nissan has also asked the Yokohama municipal government to renew its naming rights contracts for the club’s home stadium, known as Nissan Stadium, and two other nearby facilities for 50 million yen a year — less than half the current fee, another source close to the matter has said.
Nissan posted a net loss of 670.90 billion yen ($4.5 billion) for fiscal 2024, hit by lackluster sales in the United States and China. – Kyodo news agency
