Saudi Arabia has stepped up its efforts to strengthen its brand with Atletico Madrid by paying for the naming rights to the Spanish club’s stadium for the next nine years.
Atletico, which has been sponsored by Saudi state-owned airline Riyadh Air since last season, confirmed on Wednesday that its Estadio Metropolitano will be known as Riyadh Air Metropolitano from now on until 2033.
This is the third naming rights deal for the Metropolitano, which was first called Wanda Metropolitano after a deal with the Chinese property group when it opened in 2017. In 2022, the venue became Civitas Metropolitano after an agreement reached with Spain’s Real Madrid. Real estate developer. The stadium was built to replace the outdated Vicente Calderon Stadium.
Atletico did not mention the amount it would receive in exchange for the new agreement, “which makes the Saudi company the most important sponsor in the club’s history.”
The shirt sponsorship deal from 2023 to 2027 was already worth €40 million ($44 million) per season to the club.
Atletico said: “The final installation of the stadium’s new name on the main, northeastern and southeastern facades will take place during the next few weeks.”
Saudi Crown Prince Mohammed bin Salman announced the establishment of Riyadh Air in March 2023. It has not yet begun commercial operations.
Saudi Arabia has been confirmed as host of the 2034 World Cup. It is the only candidate in the competition to be decided by FIFA’s member associations in a vote on 11 December.
But the oil-rich kingdom is accused of mistreating migrant workers. A global group of trade unions filed a complaint in July urging the International Labor Organization to investigate the country over “serious human rights violations and wage theft,” which it said affected at least 21,000 workers over the past decade.
Hosting the World Cup is part of the comprehensive Vision 2030 project supported 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.
The deals with Atletico provide a link with the club’s chief executive, Miguel Ángel Gil Marin, a board member of the influential European Club Association, which should be a key stakeholder in negotiations with FIFA over the months in which the 2034 World Cup will be held.
Dan Friedkin, owner and president of Italian club Roma, is another member of the European Club Association’s board of directors. Roma’s shirts have displayed the logo of the Saudi state-owned entertainment series Riyadh Season since August last year.
