Manchester City have pulled off a 10-year deal with Etihad Airways worth up to £400 million in what is the richest sponsorship deal in sporting history.
As part of the deal, the club's home stadium will carry the name of the Abu Dhabi-based airline, who are already the club's shirt sponsor.
What's even more remarkable is that City do not own the stadium.
Manchester city council allowed City to negotiate the naming rights as part of an improved rental agreement, agreed this year, which will see the council receive £20 million over the next five years from the club.
"We are delighted to announce a 10-year extension of our partnership with Etihad Airways," City chief executive Garry Cook told the press.
"It could be one of the most important arrangements in the history of world football.
"The partnership is about continuing to increase our investment in youth development, the scale and scope of our community programmes and continue to build our profile in major markets.
"This is not just a wide-ranging agreement. It is a long-term commitment."
Etihad chief executive James Hogan added: "This is a game-changing partnership agreement.
"It is a once-in-a-lifetime opportunity for two iconic brands that share the same vision to promote far-reaching global awareness and business growth."
The agreement eclipses the previous Premier League record deal which belonged to Arsenal, whose 15-year agreement with Emirates Airlines was valued at about £100 million in 2004 and included an eight-year shirt sponsorship.
The biggest stadium naming rights deal was held by US banking giants JPMorgan Chase, who agreed to shell out about £187 million over 10 years to have their name on the new Madison Square Garden arena in New York, which is due to be completed in 2013.
Financial giants Citigroup pay around £320 million to sponsor the New York Mets baseball team but this deal is over 20 years.
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| Manchester City's ground will be renamed the Etihad Stadium with immediate effect Photo: mcfcsc.com |
As part of the deal, the club's home stadium will carry the name of the Abu Dhabi-based airline, who are already the club's shirt sponsor.
The incredible deal with Etihad includes not only the naming rights, but an extension of their shirt sponsorship contract as well as financial backing for what will be known as the Etihad Campus, a vast area surrounding the stadium in east Manchester, which includes Sportcity, retail outlets, car parks and a proposed new academy and sports science facility.
What's even more remarkable is that City do not own the stadium.
Manchester city council allowed City to negotiate the naming rights as part of an improved rental agreement, agreed this year, which will see the council receive £20 million over the next five years from the club.
"We are delighted to announce a 10-year extension of our partnership with Etihad Airways," City chief executive Garry Cook told the press.
"It could be one of the most important arrangements in the history of world football.
"The partnership is about continuing to increase our investment in youth development, the scale and scope of our community programmes and continue to build our profile in major markets.
"This is not just a wide-ranging agreement. It is a long-term commitment."
Etihad chief executive James Hogan added: "This is a game-changing partnership agreement.
"It is a once-in-a-lifetime opportunity for two iconic brands that share the same vision to promote far-reaching global awareness and business growth."
The agreement eclipses the previous Premier League record deal which belonged to Arsenal, whose 15-year agreement with Emirates Airlines was valued at about £100 million in 2004 and included an eight-year shirt sponsorship.
The biggest stadium naming rights deal was held by US banking giants JPMorgan Chase, who agreed to shell out about £187 million over 10 years to have their name on the new Madison Square Garden arena in New York, which is due to be completed in 2013.
Financial giants Citigroup pay around £320 million to sponsor the New York Mets baseball team but this deal is over 20 years.
Related links:
Team
Also see:
