October 10 – The Metropolitano Stadium, home to Spanish giants and 11-time La Liga Champions, Atletico Madrid has changed its name. For the remainder of this season and until the end of the 2032-33 season, the venue will be known as the Riyadh Air Metropolitan.
In August 2023, Riyadh Air became the front-of-shirt sponsor for Atleti and the expansion of this partnership has made a substantial impact to balancing the club’s books.
Reports from the Spanish capital value the deal at between €250-300 million ($274 million to $328.8 million) in total, or €27.7-33.3 million a year. While the deal is one of the most lucrative in world sport, it still pales in the face of La Liga rivals, FC Barcelona, who receive a reported $76.8 million per year from the popular music streaming service, Spotify, however, that deal is only for four years.
Reports have been gaining traction that Saudi Arabia’s Public Investment Fund (PIF) sovereign wealth group is interested in the purchase of Atletico Madrid, which makes the Riyadh Airlines agreement a seamless play. The airline is wholly funded by PIF though it has yet to start flying, with operations slated to start in 2025.
With one of the highest wage bills in football currently estimated to be €136.4 million for the current season, Atletico, who sit fourth in La Liga and 23rd in the new Champions League Swiss, need this injection of cash to remain competitive.
The 70,460 capacity Metropolitano is one of the most iconic stadiums in world football and hosted the 2019 Champions League Final between Liverpool and Tottenham Hotspur, however, it has been hit with a partial 3-game closure after crowd trouble during the recent Madrid derby.
Contact the writer of this story, Nick Webster, at moc.l1728574645labto1728574645ofdlr1728574645owedi1728574645sni@o1728574645fni1728574645
Source link : https://www.insideworldfootball.com/2024/10/10/riyadh-air-lands-naming-rights-atletico-madrids-metropolitano-stadium/
Author : Paul Nicholson
Publish date : 2024-10-10 02:00:29
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