Brazilian heavyweights Corinthians have announced a 20-year stadium naming rights agreement with Neo Química worth an estimated £42.2m (R$300m).
The Pharmaceutical company have agreed to pay the fee in yearly instalments to the Sao Paolo outfit and the club’s stadium will now be renamed as the Neo Química Arena.
It is the first naming rights deal for their 49,000 capacity ground, which was officially inaugurated as the Arena Corinthians in 2014 when they made the switch from their iconic Pacaembu stadium.
According to SportsProMedia, the money gained from the sponsorship is expected to be invested back into the stadium as they look to repay the £74.6m (R$530m) loan taken from Spanish bank Caixa.
Neo Química are also in negotiations over a separate shirt sponsorship deal with Corinthians, who are in a tight financial situation after registering record losses of £26.1m last term.
Corinthians, who recently celebrated their 110th anniversary, have made a decent beginning to the 2020/21 Campeonato Brasileiro Serie A campaign with eight points from six matches.
Tiago Nunes’ side are currently ninth in the standings with an eight-point deficit to table-toppers Internacional. They will play their first game at the newly-named stadium against Botafogo on September 5.
Stats from Transfermarkt.com
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