Photo/Illutration The Yokohama F. Marinos at Saitama Stadium in April (Asahi Shimbun file photo)

Struggling Nissan Motor Corp. is considering selling its stake in the Yokohama F. Marinos, one of Japan’s most successful professional soccer teams, as part of restructuring efforts, sources said Sept. 29.

Nissan has approached multiple potential buyers and aims to narrow down the candidates by the end of the year, the sources said.

The carmaker currently owns about 75 percent of shares in Yokohama Marinos Ltd., the operating company of the team that plays in the top J1 division of the J.League.

Nissan is reportedly considering withdrawing entirely from club operations.

When asked about the possible sale, a Nissan official said on Sept. 29, “We do not comment on speculation.”

Nissan posted a net loss of 670.8 billion yen ($4.5 billion) for the fiscal year ending in March, the third-largest loss in its history, due to sluggish sales in the United States and China.

The company has announced plans to close seven of its 17 factories around the world while cutting 20,000 jobs.

Nissan also aims to reduce expenses in its soccer operations, even though the Marinos have maintained profitability.

The roots of the Yokohama F. Marinos go back to Nissan’s company football team that was founded in 1972.

The team changed its name to the Yokohama Marinos in 1992 and entered the J.League when the pro league opened in 1993.

In 1999, the team merged with the Yokohama Flügels, forming the current club.

The top-tier Marinos have won the J.League title five times and the Emperor’s Cup seven times.

To reduce soccer-related expenses, Nissan ended its partnership with British-based City Football Group, which had been supporting development and advertising activities with the Marinos.

CFG, which owns Premier League club Manchester City among other teams, holds about 20 percent of shares in Yokohama Marinos Ltd.

Concerning the naming rights for Nissan Stadium, the team’s home ground, the automaker has proposed renewing the contract with the Yokohama city government for one more year at 50 million yen, half of the current rate.

Although the municipality expressed its intention to accept the offer at a standing committee of the city assembly on Sept. 19, Mayor Takeharu Yamanaka later said the city would again discuss the plan.

 

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