Bank of Ireland is set to sign up as the new main sponsor of Munster Rugby, adding to its existing deals with rival provinces Leinster and Ulster.
Contracts on what is a five-year deal are likely to be signed in the coming days.
Bank of Ireland, which is 15 per cent owned by the State, is taking over the title sponsorship from Japanese car manufacturer Toyota.
It is not clear how much Bank of Ireland has agreed to pay to secure its multi-year deal with Munster but it could be worth about €600,000 to €700,000 a year plus bonuses if certain performance targets are met.
Renewing relationship
Bank of Ireland is renewing its relationship with Munster, having been its title sponsor for six years up to 2004.
Since then, it has acted as Munster’s official bank.
Toyota succeeded the bank as Munster sponsor in the middle of 2004 and its deal officially expires next month.
In 2010, Toyota extended its sponsorship at a cost of €5.75 million over three years.
This included the title sponsorship of the senior teams competing in the RaboDirect Pro12, Heineken Cup, and British and Irish Cup, support for marketing, communications, and advertising, as well as an incentives related to the province's progression through to the final stages of the various competitions.
Toyota’s time as primary sponsor of included Munster’s Heineken Cup victories in 2006 and 2008.
Munster is believed to have considered moving away from having one title sponsor and switching to a model involving a portfolio of corporates, similar to what the GAA has done with its All-Ireland championships. Bank of Ireland has sponsored Leinster since 2007 and renewed it deal in 2011 for four years.
Sponsor of Connacht
It has sponsored Ulster since 1997 and was the title sponsor of Connacht from 1996 until 2011, when Mazda agreed a three-year deal with the western province worth €1.5 million.
Rugby is Bank of Ireland’s primary focus in relation to sport. In recent years it has ended deals with the GAA as sponsor of the All -Ireland senior football championship, and with golfer Pádraig Harrington, a three-time major winner.
