Wolves sponsorship controversy: Wolverhampton MPs write to Jez Moxey over Money Shop deal
The row over Wolves' sponsorship deal with the Money Shop took a new twist today as Wolverhampton MPs Rob Marris and Pat McFadden wrote to Jez Moxey to say that the deal reflected badly on the city.
Mr Marris and Mr McFaden both published his open letters to the club chief executive, as a petition calling on Wolves to reconsider the move passed 2,700.
The three-year agreement will see the High Street payday loan firm's logo printed on the front of Wolves shirts.
But today, season ticket holder Mr Marris released the contents of a letter to Mr Moxey outlining his concerns over the payday lending market.
His announcement was swiftly followed by Mr McFadden who wrote to say that he had been contacted by a number of Wolves fans over the sponsorship deal.
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Mr Marris said: "Wolverhampton Football Club has a proud history of supporting the city.
"I recognise that it is difficult for football clubs to find sponsorship, but I do hope that that the club reconsiders this sponsorship decision, because it reflects badly upon the club and on our city.
"If that is not possible, then at the very least I do hope that the club offers to Wolverhampton City Credit Union (of which I am a member) a series of free advertisements in the Wolves matchday programmed during the season, because the not-for-profit credit union provides loans at much more affordable rates."
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[youtube title="Watch Jez Moxey on The Money Shop deal"[/youtube]
He said: "We received Rob Marris's letter today, simultaneously with seeing it on Rob's Twitter account.
"The Money Shop have been part of Wolverhampton's High Street since 2001, paying business rates to the City of Wolverhampton Council, and successfully employing and serving many local people – some of whom will be Rob's constituents.
"They've also been a Stand Sponsor at Molineux since 2009.
"However, this is the first time we've received any correspondence from Rob on the matter and we'll be responding to him over the next few days.
"We are aware of Rob's view and, equally, we're aware of the views of some other Members of Parliament such as Mark Garnier who believe fully regulated short-term loan providers offer an important, and transparent service to customers.
"The Money Shop have 250 high street stores, are fully regulated by the Financial Conduct Authority, and short term loans are just one part of a range of diversified financial products which they offer, such as travel currency and pre-paid cards.
"They are going above and beyond regulation in promoting financial transparency and the bigger main club sponsorship of Wolves gives them a significant media platform to champion this message.
"Although we respect the different views that have been put forward over the last few days, the Money Shop have signed a three year, legally binding deal with Wolves.
"This is a signal of their long-term intent to support the club on a number of fan and community projects and we look forward to continuing to work with The Money Shop, as we have done successfully, for the last seven years."
While Mr McFadden said: "I have been contacted by a number of Wolves fans in recent days who are very unhappy about the club's decision to enter a shirt sponsorship deal with The Money Shop.
"The supporters point out that the payday loan sector charges very high interest rates, often to low income families. This particular company was ordered last year by the regulator to pay back over £15m to 147,000 customers, many of whom were given loans without proper checks on whether they could afford to pay the money back.
"I am aware that The Money Shop has sponsored a stand at the Molineux for a number of years but the fans view the shirt as being different because, for a supporter, the shirt is at the heart of a team's identity. And for a supporter, the shirt is part of who you are.
"Wolverhampton has many families struggling on low incomes and the debt problems in the city have been charted for many year in reports from the local Citizens Advice Bureau.
We have a good credit union in Wolverhampton which offers small loans but not everyone knows about it and it doesn't have the marketing power of the payday loan companies.
"I understand the pressure on football clubs to raise revenue and we all want a successful team locally. However many Wolves fans are asking if it is possible for the club to reconsider this deal. I would be very grateful for your thoughts on this matter and your response to the supporters' concerns."
