Palmeiras and WTorre confirm Nubank Parque as new stadium name | OneFootball

Palmeiras and WTorre on Thursday officially renamed the stadium Nubank Parque, previously known as Allianz Parque, as part of a new naming-rights deal.

According to Globo.com, the club had already flagged the switch on social media, sharing thanks and stadium statistics, and both the club and arena websites now display the new name. Searches for Allianz Parque now redirect to the updated portal.

The venue opened in November 2014, when developer WTorre struck a naming-rights agreement with Allianz. The partnership lasted 12 years, in a deal that still had eight years to run, worth about R$ 26 million annually.

This year WTorre deemed the deal outdated, ended the Allianz partnership and agreed terms with Nubank. Financial details were not disclosed, but estimates put the new fee at R$ 51 million a year, roughly double the previous arrangement.

The Nubank contract is expected to run until 2044, when the surface rights that allow WTorre to operate the stadium expire. From 2045, management and control pass solely to Palmeiras. The club did not take part in the negotiations.

After sealing the agreement, Nubank invited supporters to vote on the new name from three options. Nubank Parque won with 47.5% of almost 500,000 unique votes.

The companies are now working on a full visual identity change for Nubank Parque, with completion expected by the end of the pause in national competitions for the World Cup.

Source: Globo.com