Corinthians Will Receive More Than $14M Annually As Part Of Jersey Deal With Caixa
Brasileiro club Corinthians will receive R$30M ($14.1M) annually as part of its new sponsorship deal with bank Caixa Econômica Federal, according to Costa & Zafalon of MAQUINA DO ESPORTE. The jersey deal will run through '14, and the Caixa logo will make its debut on the club's jersey over the weekend when it faces rival Santos. The bank will pay R$1M ($480,000) for the rest of this season before the R$30M ($14.4M) a year deal goes into effect in January. The R$30M value "is less than the amount Corinthians had planned to receive from a title sponsor, which was, at the minimum, R$35 ($16.8M)." But the contract allows the club to keep other sponsors on its jersey, which elevates the total revenue generated from jersey sponsorships. With the deal, Caixa "amplifies its presence in Brazilian football." The bank already sponsors fellow Brazilian teams Avai, Figueirense and Atletico-PR (MAQUINA DO ESPORTE, 11/20). LANCE PRESS reported that Corinthians' marketing department is "now concentrating" on the naming rights of the new Arena Corinthians, which is currently under construction. The stadium will host FIFA 2014 World Cup matches. The club "is hoping to receive" R$300M ($144.2M) over 10 years as part of a naming rights deal for its new stadium. Reports suggested Caixa "was also negotiating" with Corinthians to have its name on the new arena. However, "sources close to the bank refuted the reports." Corinthians VP Luis Paulo Rosenberg said that "there was no hurry to speed up negotiations, as the stadium is only scheduled to be finished in Dec. '13" (LANCE PRESS, 11/20).