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Saudi Arabia has consolidated its branding push with Atletico Madrid by paying for naming rights to the Spanish club’s stadium for the next nine years.
Atletico, which has been sponsored by Saudi state-owned Riyadh Air since last season, said Wednesday that its Metropolitano stadium will be known as the Riyadh Air Metropolitano henceforth until 2033.
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It is the third naming rights deal for the Metropolitano, which was first called the Wanda Metropolitano after a deal with the Chinese real estate group when it opened in 2017. In 2022, the venue became the Civitas Metropolitano after an agreement reached with the Spanish real estate developer. The stadium was built to replace the outdated Vicente Calderon.
Atletico did not say how much it was receiving for the new agreement which makes the Saudi Arabian company the most important sponsor in the club’s history.
The deal for shirt sponsorship from 2023-27 was already worth a reported 40 million euros ($44 million) a season to the club.
The final installation of the new name of the stadium on the main, northeast and southeast facades will take place in the next few weeks, Atletico said.
The establishment of Riyadh Air was announced by Saudi Crown Prince Mohammed bin Salman in March 2023. It is yet to begin commercial operations.
Saudi Arabia is all-but confirmed to host the 2034 World Cup. It is the only candidate in a contest FIFA member federations will decide in a Dec. 11 vote.
But the oil-rich kingdom has been accused of abusing migrant workers. A global group of trade unions filed a complaint in July urging the International Labor Organization to investigate the country for severe human rights abuses and wage theft, which it said affected at least 21,000 workers over the past decade.
Hosting the World Cup is part of the sweeping Vision 2030 project backed by the crown prince to modernize Saudi society and diversify the economy beyond dependence on oil. Sports and entertainment events are key to his project.
Deals with Atletico provide a link to the club’s CEO, Miguel ngel Gil Marin, who is board member of the influential European Club Association, which should be a key stakeholder in negotiations with FIFA over which months the 2034 World Cup will be played.
Dan Friedkin, the owner and president of Italian club Roma, is another ECA board member. Roma’s team jerseys have been displaying the logo of Saudi state-owned entertainment series Riyadh Season since August last year.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Oct 09 2024 | 11:36 PM IS
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