Wanted: sponsor for Cyprus football association

The Cyprus Football Association (KOP) seems to have scored an own-goal and may be left without a major sponsor for the 2012-2013 championship.
When Laiki Bank’s 5-year sponsorship deal was about to end, the bank informed KOP a year in advance in March 2011 that it wished to renew the agreement for another five years at 600,000 euros per year.
Having not received any reply from the football association, the bank sent reminders to KOP last August prior to the start of the new season, to which the FA finally responded two months later, suggesting it too was interested to renew the deal with Laiki.
Reports later suggested that KOP had gone out to tender and was looking for sponsors at a higher price, to which the online gaming site Betfair was keen to bid at a higher price of 900,000 euros a year.
Eventually, the Betfair deal fell through and Laiki is not interested to renew its deal with KOP.
Will the football association be left sponsorless?