Bank close to deal for Palmeiras stadium naming rights | OneFootball

By Vinícius Salgado, Lucas Passoli and Thais Bueno

Palmeiras is very close to making a change to the naming rights of its stadium. This Thursday, WTorre advanced in negotiations with digital bank Nubank to replace Allianz, which has held the arena’s naming rights since the venue opened in 2014.

The talks are being led by WTorre. For that reason, Palmeiras preferred not to comment on the matter when contacted by the report.

The information was first published by the newspaper O Globo and confirmed by Gazeta Esportiva. The digital bank will pay around 10 million dollars (nearly R$ 51 million at the current exchange rate) per season to take over the arena’s naming rights.

The agreement between the parties would be valid until 2044, when the partnership between WTorre and Palmeiras ends. The figures involved in the new deal would even be higher than those paid by Allianz, the stadium’s current naming rights holder, which pays around R$ 25 million per year.

(Photo: Guilherme Veiga/Ag.Paulistão)

Currently, Verdão receives 20% of the amount Allianz pays WTorre for the stadium’s naming rights. That percentage would not change under the new contract with Nubank.

Both WTorre and Palmeiras understood that the previous agreement, signed with Allianz back in 2014, was outdated. For that reason, the club views a new partnership favorably, with properly updated amounts.

To complete the change of the green-and-white arena’s name and announce the new sponsor, WTorre must formally reach an agreement with Allianz to terminate the current contract, which is valid until 2034.

Allianz has held the naming rights to Palmeiras’ stadium since 2014, when the venue was inaugurated in Barra Funda, in the western area of São Paulo.

Palmeiras’ next matches

Corinthians x Palmeiras (11th round of the Brasileirão) Date and time: 04/12 (Sunday), at 6:30 p.m. (Brasília time) Venue: Neo Química Arena, in São Paulo (SP)

Palmeiras x Sporting Cristal-PER (second round of the Copa Libertadores) Date and time: 04/16 (Thursday), at 7 p.m. (Brasília time) Venue: Allianz Parque, in São Paulo (SP)

This article was translated into English by Artificial Intelligence. You can read the original version in 🇧🇷 here.