BERLIN: German soccer club Schalke 04 announced on Monday that it was terminating its agreement with Gazprom ahead of schedule.

"Management and the supervisory board are in discussions with representatives of the current main sponsor, further information will be published in due course," Schalke said on Twitter.

FC Schalke 04's managing board and supervisory board have agreed to end the club's partnership with GAZPROM prematurely.

More information to follow. pic.twitter.com/nr5vjzSybm

— FC Schalke 04 (@s04_en) February 28, 2022

The decision has no impact on the club's financial capabilities, according to a statement from Schalke, who now play in the German second division after being relegated in the 2020-21 season.

Following Russia's invasion of Ukraine, the club announced on Thursday that the Gazprom logo would be removed from their jerseys. read more

Gazprom's sponsorship of the UEFA Champions League is also under jeopardy.

UEFA, Europe's governing body, shifted this year's Champions League final to Paris earlier this week, from St Petersburg, where it was set to be played at Gazprom Arena, home of Russian Premier League club FC Zenit. read more

Russia's gas company, which has supported Schalke since 2007, has also been named as one of the sponsors for the next European Championship, which will be held in Germany in 2024.

Edited - SportsAction / Inputs - Agency