WTorre signs Nubank naming-rights deal, fans to choose new Palmeiras arena name | OneFootball

WTorre has signed an agreement with Nubank to take over the naming rights of Palmeiras’ stadium. Known as Allianz Parque for the past 12 years, it will now have its new name chosen by fans.

According to Globo.com, the ballot will run on a website until 30 April, with votes limited per CPF. The options are Nubank Parque, Nubank Arena or Parque Nubank.

The company plans to announce the winner in early May, then begin the venue’s rebrand, a process expected to be completed in July.

The deal was unveiled at an event at the stadium. The contract with the digital bank is expected to run until 2044, when WTorre’s surface-rights term ends. From 2045, Palmeiras will assume exclusive control.

Financial terms have not been confirmed, but estimates put Nubank’s annual payment at US$ 10 million, about R$ 51 million. That would be nearly double the sum previously paid by Allianz.

The insurer’s agreement with WTorre was signed in 2013 and took effect with the arena’s 2014 opening. It totalled R$ 300 million over 20 years, starting at R$ 15 million per season and adjusted annually for inflation. Given it was struck almost 13 years ago, the former deal had been considered outdated.

Source: Globo.com