State telecom company Cyta has essentially become a sponsor for several sports teams through its subscription television program Cytavision, paying hefty fees to secure broadcasting rights to football games.
During the 2015-2016 football league Cyta paid €10.6 million, while for the 2016-2017 league the company is expected to pay €10.2 million.
In addition, it is the main sponsor on the shirts of most football teams in the Cyprus football league, along with other sports clubs. This is what the Auditor General notes in a classified report to the managing board of Cyta, which will be published in a redacted form on Thursday.
Indicative of the significance of the amounts given by Cyta to sports is that the broadcasting rights contracts correspond to 38% of the stipend for securing new material.
The cost for Cyta is expected to increase even more during the 2016-2019 three-year period after signing an agreement with the Cyprus Football Association to purchase the broadcasting rights to 20 Cyprus teams in the A’ and B’ categories of the football league, at a cost of €5.9 million for each football season.