In January, Toronto FC embarked on the opening stages of a spending spree for players and facilities that would cost the club up to $220 million.

In adding high-priced players like Jermain Defoe and Michael Bradley, the club hoped to spur on-field success that would drive attendance and sponsorship revenue to help justify the $120-million renovation of BMO Field.

Nine months later attendance is up, but the team is struggling. They’ve been plagued by a winless streak amid persistent reports that Defoe plans to return to England, and last month the team fired its entire coaching staff.

Put simply, it’s not the best time for the club to secure a new sponsor for its jersey. But BMO’s contract as jersey sponsor expires after the season and the bank has decided not to renew, so now is the only time.

Playing with a sponsor-free jersey isn’t an option, and Maple Leaf Sports and Entertainment chief commercial officer Dave Hopkinson hopes the club will close a deal before the end of the year, despite the uneven results on the field.

“It’s not the ideal landscape. TFC is frustrating right now, especially given the start we had,” Hopkinson says, noting the team is still on pace to sell out every home game. “But when (companies) make an investment of that size they want a lot of metrics. We haven’t seen the broadcast audience we’d like. We started off hot, then we cooled off. . . . It’s not going to go back until we make the playoffs.”

BMO’s jersey deal is expiring but the bank will continue to sponsor TFC next season.

While most major North American sports leagues forbid sponsor logos on jerseys, uniform sponsorships are an important source of revenue for pro soccer clubs worldwide. Between its agreement with manufacturer Adidas and sponsor General Motors, Manchester United makes more than $200 million annually from its uniform alone.

But finding the right sponsor is sometimes tricky.

In July, Man U unveiled its new game day jerseys, emblazoned with a Chevrolet logo.

Fans panned it.

So while TFC’s supporter base makes the club attractive to a potential sponsor, Hopkinson and others agree the company that winds up on the club’s jersey needs to be committed to soccer instead of just using players as a billboard.

“If I’m TFC I’m looking for a partner that’s going to activate the sponsorship and bring it to life,” says marketing consultant Keith McIntyre, president of Burlington-based KMac and Associates. “I’m looking for a company that’s committed to the game and to a lifestyle.”

Meanwhile, the experts say potential sponsors will want assurances the club is committed to winning.

It was a simple case to make in January. Tim Leiweke was six months into his job as MLSE president and putting all of his muscle into the push to make TFC a playoff club. He spearheaded the acquisitions of Defoe, Bradley and Brazilian midfielder Gilberto despite eight-figure transfer fees.

At a January news conference Leiweke called the expenditure “financial suicide,” but said the chance to build a great team outweighed the short-term cost.

But that was before a turbulent summer that included confirmation from Leiweke that he would resign next June, the gutting of coaching staff, and reports about Defoe’s desire to leave.

And, heading into last weekend, the team has won just twice since mid-July.

Those developments don’t inspire a sponsor to spend big money for a spot on a TFC jersey, says York University sports business instructor Vijay Setlur.

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“If they make the playoffs it will generate the positive feeling that the team can use to approach potential brand partners,” says Setlur, who teaches at the Schulich School of Business. “But if the season ends up being a disaster . . . it will signal another period of instability. Does a brand want to be associated with a team that’s perpetually unstable?”

Hopkinson remains confident Defoe’s return from injury will revive the team’s performance, boosting interest among fans and potential jersey sponsors.

While Hopkinson won’t identify a front-runner, McIntyre thinks the jersey sponsorship will probably go to a Canadian company with strong existing ties to the club.

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