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By ESPN Staff

Sibneft ends CSKA Moscow sponsorship deal

MOSCOW, Nov 28 (Reuters) - Russia's Sibneft oil company, sold last month by Chelsea's billionaire owner Roman Abramovich, said on Monday it would be terminating its $54-million sponsorship deal with UEFA Cup holders CSKA Moscow.

'The new owner decided that it would make no sense to invest money into advertising the brand of Sibneft on the international or regional level,' Sibneft spokesman Alexei Firsov said.

Sibneft's three-year sponsorship contract with CSKA was to have run until March 2007.

CSKA beat Portugal's Sporting 3-1 in the UEFA Cup final in May to become the first Russian club to lift a European trophy. Earlier this month they clinched their second Russian premier league title in three years.

Russia's state-owned gas monopoly Gazprom bought a 75 percent stake in Sibneft from Abramovich and other shareholders for $13.1 billion.