Fenerbahce Sportif Hizmetler Sanayi & Ticaret AS (FENER), the listed arm of Istanbul soccer club Fenerbahce, gained after reporting it will earn $11 million from its sponsorship agreement with Turk Telekomunikasyon AS (TTKOM) and Avea Iletisim Hizmetleri AS.
The shares added 2.7 percent to 56.25 liras, heading for their highest since May 11.
Avea, which currently has its logo on the front of Fenerbahce’s jerseys, and Turk Telekom, with a logo on the arm, will switch places under a new advertising agreement, Fenerbahce said in a statement to the exchange today.
Avea is the mobile unit of Turk Telekom, Turkey’s largest landline telephone company.
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