Newcastle United may want to keep a close eye on developments in Spain, with owners PIF now investing heavily into Atlético Madrid.
That’s according to Expansión, who report that the Saudi Arabia Public Investment Fund have agreed a deal for the naming rights to Atlético’s Wanda Metropolitano Stadium.
According to their information, the stadium will now be called the Riyadh Air Metropolitano, with the Saudi company, part of PIF’s investment portfolio, agreeing a nine-season contract with the Spanish club.
The sponsorship deal is the largest in the history of Atlético and puts them at the ‘forefront’ when it comes to teams associated with airlines. In simpler terms, no other airline in the world is paying more than Riyadh Air are to sponsor Atlético.
This stadium agreement is included in the new extended contract, with sources telling the outlet that it is worth €250-300m including bonuses. It will also see a ‘Riyadh Air Club’ added to the stadium’s hospitality.
Newcastle fans need not worry as at no time has a possible purchase of the Spanish club been discussed. At least at this stage.
Marca explain that Atlético Madrid are ‘big bet’ of the Saudi government, and ‘is the only club in Europe in which it has placed its trust with the exception of Newcastle’.
That’s led to the investment, which has now extended from the shirt sponsor the stadium until at least 2033 and strengthened their reach beyond Newcastle United.
