My letter to Jez Moxey, Chief Executive of Wolverhampton Wanderers FC.
18th April 2016
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.
Rt Hon Pat McFadden MP
Wolverhampton South East