A NEW joint retail venture in Belfast city centre between Leeds United and Everton could soon be over just months after its high profile launch.
The official club merchandise store, divided between the Premier League sides, opened on Castle Lane in early October 2021, with both clubs stating their intention of tapping into their strong Irish support.
But the city centre premises is now back on the market, with the tenant seeking an exit by assigning its lease to another party.
It’s understood the retail experiment has failed to match the initial hopes of the clubs.
According to legal experts, the ‘to let by way of assignment’ arrangement effectively involves the transfer of an existing lease by the current tenant to a new tenant.
The ten-year lease, which started in April 2019, is now on the market for £80,000 a year.
It includes an option for the tenant to break the agreement, but not until July 8 2024.
The initial tenant from April 2019 was Glasgow Rangers, but the Old Firm club switched to a new premises on Donegall Place last year.
It’s unclear who the named tenant on the current Castle Lane unit is now.
Everton’s club store is operated by its US retail partner Fanatics, which runs merchandise operations for a number of high profile sports clubs.
Leeds United signed an extended retail partnership agreement with JD Sports last summer.
But JD Sports has just opened a brand new superstore in the centre of Belfast, just around the corner from the Leeds shop on Castle Place.
Leeds United and Everton were contacted for comment. A spokesperson for Everton confirmed talks were taking place over the future of the retail store, but no further comment was available at the time of going to print.
