Brazilian football club Sport Club Corinthians Paulista has announced a 20-year stadium naming rights partnership with Neo Química, totalling an estimated £41.7m (R$300m).
As part of the deal, the stadium will be renamed the Neo Química Arena with the firm paying the fee over yearly instalments. Neo Química is currently a shirt sponsor for the Campeonato Brasileiro Série A side in a separate contract agreement.
Corinthians president Andrés Sanchez stated: “As president of the club, I am very happy. I am sure that I represent the sentiment of more than 35 million Corinthians fans. It is great to have a great partner from the past, who has always been very correct in all his agreements with Corinthians. It is now Neo Química Arena. Thanks to Neo Química for everything.”
The stadium formerly known as Arena Corinthians officially opened in 2014 with the Neo Química partnership being the first naming rights deal for the 49,000 capacity ground.
According to SportsPro Media, the money is expected to be invested back into the stadium by helping repay the R$530 million loan with Spanish bank Caixa that was used to fund the development of the stadium.
Ana Biguilin, general director of Neo Química commented: “Neo Química is present throughout Brazil and, with quality medicines, offers health to all Brazilians. Where there is sport, there is health, and the long-term partnership with Corinthians will bring us even closer to our consumers.”
“We are happy to make this partnership possible at such a remarkable moment for the club and its fans, which is the celebration of the 110th anniversary.
Neo Química Arena’s naming rights also covers the stadium’s potential concerts or non-sporting events throughout the duration of the agreement.
The Campeonato Brasileiro Série A season is still underway following the campaign being severely delayed due to COVID-19. Corinthians’ first match in the newly named stadium is expected to be on September 5 against Botafogo.