English PR and marketing business Chime has become the latest to plunge into the Brazilian sport market in a bid to take advantage of the 2014 World Cup and 2016 Olympics.
Chime has bought a 60% share in Brazilian sports rights and consulting company Golden Goal in a deal worth £2.4 million, although this could rise to £9.5 million if additional options are taken. Chime indicated that it wants to tap into Brazil´s sponsorship industry, which is expected to double in size over the next four years.
"With a foothold in the Brazilian market we intend to export knowledge from around the Chime sports marketing division to Rio de Janeiro in areas of event activation, consultancy and sales," Chime stated in an official release.
The Brazilian sport sponsorship and sports marketing sector is generally considered to be underdeveloped; for example, prior to their ongoing refurbishments, most Brazilian stadia had few if any corporate hospitality facilities, let alone associated marketing programs. The Cup and Olympics should present major opportunities to specialists and entrepreneurs in such areas.