Nissan eyeing cut in Yokohama Marinos stake for cost reduction

TOKYO, Dec. 31 Kyodo -
Faced with growing cost-cutting pressure in the wake of the global financial
crisis, Nissan Motor Co. plans to lower its stake in J-League club Yokohama F
Marinos, Nissan officials said Wednesday.
The automaker, which currently holds an equity stake of around 93 percent in
Yokohama Marinos Ltd., the management company of the soccer club, is
considering reducing its interest by selling its shareholdings or having
Yokohama Marinos allocate new shares to other companies, they said.
In addition to Nissan, a number of leading companies in the city of Yokohama
own Yokohama Marinos, which is struggling with a cumulative loss of 122 million
yen after posting a net loss of 1 million yen in fiscal 2007.
A Nissan executive said the company hopes to reduce the cost of sponsoring the
club by increasing the number of sponsors.
Nissan is another automaker that has been forced to review financial support
for athletic activities due to falling auto sales amid the financial turmoil.
Honda Motor Co. has already decided to withdraw from all Formula One motor
racing activities, effective in 2009, while Mitsubishi Fuso Truck and Bus Corp.
intends to discontinue its uniform sponsorship of another J-League club, Urawa
Reds.
To overcome the increasingly tough business environment, Nissan plans to reduce
its global auto production by more than 350,000 units in fiscal 2008 to March
31 and terminate employment contracts with all temporary workers by the end of
the current fiscal year.
==Kyodo