Sunday, December 7, 2025, 11:31 p.m.
The delay in sponsorship payments by the Dreamland group to the Gran Canaria Basketball Club has led the sports entity and the Cabildo of Gran Canaria to launch the search for new sponsors if the audiovisual company finally does not comply with what is stipulated in the sponsorship contract. As this newspaper reported, CB Gran Canaria has already sent Dreamland via burofax to transfer the 270,000 euros it owes for sponsorship, to which late payment interest would be added.
From the CB Gran Canaria they are confident that Dreamland will finally comply with the contract but in the Cabildo they already prefer to think about a ‘plan B’ that involves the search for another main sponsor.
The decision is especially key in this 2025-2026 season, because the contract signed in 2023 establishes that this is when Dreamland can terminate the agreement, although with a penalty.
In point 2 of the clauses of the sponsorship contract, it was established that the contract “will be valid until the end of the 2028/2029 sports season, that is, until June 30, 2029. Notwithstanding the above, the sponsor will have the unilateral option to terminate this contract at the end of the 25/26 sports season, that is, until June 30, 2026 (the ‘Option’). For the purposes of exercising the Option, the sponsor must send a reliable communication to the club at least three (3) months in advance and pay a penalty of three hundred and fifty thousand euros (€350,000). For the purposes of the duration of the Contract provided for in this clause, the sports seasons begin on July 1 and end on June 30 of the following year.
Thus, Dreamland – with the Newport group as a reference shareholder – has until March 30, 2026 to communicate its intention to terminate, assuming the penalty.
The contract established that Dreamland should make the stipulated payments in the first ten days of each month. The breakdown by year included in the agreement between both parties was as follows: in the 2023-2024 season, the amount of 400,000 euros distributed in ten payments of 40,000 euros, to be paid between September 2023 and June 2024; in the 2024-2025 season, also 400,000 euros, with a similar breakdown; In the current 2025-2026 season, the amount set is 500,000 euros, at a rate of 50,000 euros in each of the ten stipulated payments; In the 2026-2027 season, the amount rises to 600,000 euros, with ten payments of 60,000 euros each;
In 2027/2028, Dreamland will pay the amount of 700,000 euros, also distributed in ten payments of 70,000 euros, and in 2028-2029 it would be another 700,000 euros, always distributed in ten payments.
For now, CB Gran Canaria has not considered activating what the contract includes in the third clause, dedicated to the early termination of the agreement. Among these causes is “the non-payment of any amounts provided for in this contract”; the sponsor’s bankruptcy court declaration; the loss of legal personality of the sponsor; non-compliance with market practices regarding compliance, and in the event that “the sponsor (components of the administrative body) is involved in any type of judicial, extrajudicial or prejudicial procedure of any kind, or, in general, carries out any action or omission that, in the reasonable discretion of the Club, causes or may cause damage or harm to the good name of the club, its image or reputation or in any way, creates a bad name for the club, its players or property of the club.
The link with the audiovisual project in Telde
While the CB Gran Canaria and the Gran Canaria Cabildo hope that Dreamland maintains what was signed in 2023 and complies with the sponsorship payments to the sports entity, Dreamland is still waiting for the island corporation to definitively approve in full the declaration of a project of island interest for its audiovisual park project in Telde. Dreamland already tried it in Fuerteventura and did not get the approval of the Majorero Cabildo.
