PIF, who own a 85% stake in Premier League club Newcastle United, founded Riyadh Air in March 2023 and entered into a lucrative sponsorship deal with Atletico Madrid.
Now Riyadh Air will step up its sponsorship and have agreed a naming rights deal to see Atletico’s 70,000 capacity stadium re-named the Riyadh Air Metropolitano in a deal that runs until 2033.
The Metropolitano has been Atletico’s home since its major refurbishment was completed 2017.
A club statement announcing the deal, read: “Riyadh Air Metropolitano — this is how our stadium will be known as a result of the nine-year agreement reached with our main sponsor for the naming of Atlético’s home.”
Riyadh Air are described by Atletic as ‘the most important sponsor in the club’s history’ having agreed a £33.5million per-season shirt sponsorship deal with the club. The additional investment as a result of the stadium naming rights has been described as ‘major’ but an exact figure has not been disclosed.
This comes as one of PIF’s other ventures, Newcastle United, are facing stadium challenges of their own. The club are weighing up options to expand or relocate St James’ Park to meet ticket demands and create a state-of-the-art home for the club.
