Sponsorship agreement for FK Sarajevo signed by Meridianbet

Sponsorship agreement for FK Sarajevo signed by Meridianbet

With the signing of a partnership with FK Sarajevo, the Meridianbet Group will maintain its investment in Bosnia and Herzegovina as a sports betting company.

Since Bosnia and Herzegovina's establishment, the club has won the league title five times. Before that, they won two titles in Yugoslavia. This squad has also won the Bosnia and Herzegovina Super Cup once and the Bosnia and Herzegovina Cup seven times.

Meridianbet is involved in football on a global scale, forming partnerships with more than 30 amateur and professional clubs. At the same time, it won a national shirt autographed by Edin Džeko to benefit children in Southeast Europe who suffer from spinal muscular atrophy.

Outside of the context of the brand's sponsorship, nevertheless, the CEO of Golden Matrix has recently placed the burden on the company for a substantial net loss of $965,628 in the third quarter, even though revenue increased by 24% year-on-year.

The acquisition of Meridianbet by Golden Matrix, scheduled to close in January 2023 for €300 million, will be financed through a combination of shares and cash. However, an Amended and Restated Purchase Agreement was agreed into by Golden Matrix and MeridianBet in June.

The agreement was revised to change the structure, such as lowering the amount of cash Golden Matrix will be needed to pay from $50 million to $30 million, and to prolong the closing date of the acquisition, which was initially set for H1 2023.

In his comments regarding the reported net loss of $965,628 in Q3, Golden Matrix CEO Brian Goodman said: "With respect to the anticipated acquisition of the MeridianBet Group, there was a considerable increase in one-off legal and due-diligence expenses."