Barclays will not be the headline sponsor of the Premier League next season.
The British bank has sponsored the top English football division for the last 15 years, taking over from Carling beer in 2001.
It comes as Barclays is looking to scale back its European operations and focus primarily on the UK and US.
The Premier League sponsorship deal was £40 million ($57 million) a year in 2015, but Barclays has seen about £20 billion worth of profit wiped out from misconduct charges over the last five years, reports Bloomberg.
Despite no longer being the headline sponsor, Barclays will stay on as the “official bank” of the Premiership. The league has decided to diversify its sponsorship deals, forgoing a headline sponsor entirely and instead have sponsors for individual categories like the Olympics does.
For example, sportswear company Nike has become the official sponsor of the footballs.
The Premier League was formed in 1992 and is the most watched football league in the world, broadcast in 212 territories to a TV home of over 4.7 billion people.
Barclays wasn’t available for comment at the time of writing.
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