IC Markets Sues Against Italian Football Club Inter Milan

IC Markets, a forex broker with aim to bridge the gap between retail and institutional traders, has sued against Italian football club Inter Milan as Inter canceled IC’s planned sponsorship of the club.

The club is sued over its alleged refusal to honour the terms of its reported €5 million-a-year deal with IC Markets, which is also pursuing a refund for the money it already paid.

As reported in June, IC Markets becomes the first “sleeve sponsor” of Inter, with the IC logo to be appeared on the left sleeve of Inter home and away uniforms, starting with the 2020-21 season.

The deal will be a three-year sponsorship, with IC Markets paying €4.5 million in year one, €4.8 million in year two, and €5.0 million – totaling €14.3 million. There may be additional bonus payments to be made to Inter depending upon team results over the course of the sponsorship.

While it is reported that Inter Milan canceled the contract with IC Markets, stating that this Sydney-based company failed to obey the contractual payment obligations. Inter revealed that IC Markets deposited €2.5 million initially, but did not follow up next payments as required.

Then, IC Markets sued Inter Milan for reimbursement of the €2.5 million already paid in addition to interest.