Saturday January 26 2013
Banking crisis hits Siena sponsors

Siena’s season is going from bad to worse, as the club will lose €8m in sponsorship money from troubled bank Monte dei Paschi di Siena.

MPS are the main sponsors of the club and own the naming rights to the stadium, the Stadio Artemio Franchi Montepaschi di Siena.

The oldest bank in the world announced losses of €750m this week, wrapped up in a derivatives scandal and potential corruption to disguise the risky financial moves.

It is due to receive a €3.9bn loan to steady its finances, but will also try to cut costs by removing its sponsorship of Siena.

This is a bitter blow for the club, who are propping up the Serie A table thanks to a six-point penalty in the betting scandal.