Atletico Madrid lands rights deal reportedly worth $100m
Atletico Madrid is getting a new stadium name and training facility as the La Liga team is set to end its naming rights partnership with Wanda and switch over to real estate and construction company Civitas.
The team’s stadium name is now Civitas Metropolitano with the naming rights deal lasting for 10 years as the previous pact with Wanda ended this summer.
The deal is believed to be of similar annual value to the previous one, $10.2 million per year.
The club reportedly spoke to a handful of other companies, including Allianz, before settling on Civitas.
Atletico Madrid becomes the second high-profile La Liga team to change its stadium name this year. In March, Spotify inked a reported $285.1 million deal with Barcelona in an expansive deal that included naming rights to Barca’s Camp Nou.
The team’s relationship with Civitas extends beyond the stadium name. The firm is consulting on the team’s new development by the stadium, “Ciudad del Deporte” (“City of Sports”).
The project includes a sports complex which will have soccer fields, tennis courts, and a 6,000-capacity stadium. There will also be commercial developments on the site.
Atletico Madrid is investing $203.6 million in the project.
