Nissan on the Brink: Automaker Moves to Sell Soccer Team

Japanese automaker Nissan is reportedly preparing to sell its controlling stake in the operator of professional soccer club Yokohama F. Marinos. According to sources, the financially troubled company — seeking to restructure after massive losses — has approached several potential buyers regarding a sale.

Yokohama F. Marinos, a J1 League team, has won the championship five times. The club traces its roots back to 1972, when it was founded as Nissan’s in-house soccer team.

Nissan currently holds a 75% stake in the company that operates the club.

For the fiscal year ending in March, Nissan reported net losses exceeding 670 billion yen, roughly $4.5 billion. As part of its restructuring plan, the automaker intends to shut down seven manufacturing plants in Japan and overseas.

In addition, Nissan has asked the Yokohama city government to renew its naming rights for Nissan Stadium — the home ground of the Marinos — at less than half the current fee.