Allianz ends Palmeiras arena naming-rights deal, Nubank in talks | OneFootball

Allianz has ended its naming-rights deal for Palmeiras' stadium after an amicable agreement with WTorre, with Nubank in talks to take over. The venue has been branded Allianz Parque since 2014.

The rescission was signed on Thursday. According to O Globo, Nubank has proposed US$ 10 million, R$ 51 million, per year on a contract running to 2044, when the WTorre-Palmeiras partnership ends.

Allianz is shifting its marketing strategy in Brazil, moving away from a single large outlay at the arena and broadening its activity. The company expressed gratitude for the partnership and thanked WTorre, Palmeiras and supporters.

Nubank has signalled interest and holds frequent talks with WTorre, the stadium’s builder and operator. When approached, the company did not confirm the discussions.

The Allianz deal agreed 12 years ago ran for 20 years to 2034 and was worth R$ 300 million in total, paying R$ 15 million per season with annual inflation adjustment.

Palmeiras do not take part in the stadium’s advertising agreements, but under the WTorre deal receive 15% of naming-rights revenue. The club’s income would rise if a Nubank agreement is concluded.

Source: Globo.com