~ Argentex enters into exclusive foreign exchange partnership ahead of English cricket’s busiest summer ~
Argentex LLP (‘Argentex’), a leading FCA regulated provider of foreign exchange services to corporate and private clients across EMEA, is pleased to announce the signing of an exclusive foreign exchange (FX) partnership with the Professional Cricketers’ Association (PCA). The PCA is the representative body of past and present first-class cricketers in England and Wales.
This announcement comes ahead of the busy summer for English cricket, with the Cricket World Cup on home soil from 30 May to 14 July and The Ashes series from 1 August to 16 September.
The partnership arrangement will allow players past and present to take advantage of Argentex’s secure and bespoke Private Client services when exchanging currencies.
Over the last decade, cricket has become big business and with a global audience of over one billion and multi-million-dollar franchises. Players and teams are now being compensated accordingly through elevated prize money, overseas contracts and global sponsorship deals.
Members of the PCA will be provided with access to Argentex’s expertise and advice on specific FX requirements including:
The conversion of prize money:
2019 will be a lucrative summer for tournament winners – with $10m total prize money up for grabs at the Men’s Cricket World Cup. The winners of the tournament will earn a purse of $4m, the highest prize money to date. Runners-up will receive $2m and the losing semi-finalists $800,000 each. There also is an expected rise in prize money to $660,000 for the winning team of the Women’s World Cup, Argentex expect an uptick in demand for winnings-related transactions;
The transfer and exchange of lump sum sponsorship deals:
Sponsorship contracts with global brands are most often paid in dollars and needed to be converted to home currency;
The repatriation of foreign earnings:
Outside of the traditional English season, England cricketers are increasingly playing in oversees leagues. For example, English players contracted to the Indian Premier League and Australian Big Bash tournaments, can be paid five of six figure dollar sums which need to be transferred into sterling.
The PCA partnership joins the roster of Argentex’s existing relationships with sporting bodies including with the Rugby Players’ Association and International Sports Management.
Harry Adams, Group Co-CEO, Argentex said: “Members of the PCA and current players are still adjusting to some of the more lucrative aspects of the sport. This summer, we want the England team to focus on their performance on the pitch, rather than the performance of the pound. Instead, they can trust that Argentex understand the unique FX requirements of professional sportspeople who are performing on the global stage, having worked with sports management firms for many years.”
Jofra Archer, England and Sussex cricketer and Argentex client commented: “Since my first overseas contract, Argentex have helped me to move foreign currency around the world. The global nature of tournament cricket means that that as a player you need support and assistance around the clock. Having the expertise of Argentex means that I’m free to concentrate on my cricket, whilst they work in the background to ensure that my foreign currency earnings are managed in the most effective and timely manner.”