Grêmio set to sell naming rights to new stadium to Chinese bank
The largest bank in China, and one of the largest worldwide, ICBC are set to confirm a deal with the Porto Alegre side that would net Grêmio R$34 million a year (€13 million).
The proposed deal was confirmed by Grêmio president Eduardo Antonini, who informed media outlets that the negotiations were close to completion, with ICBC representatives having arrived earlier this week to put pen to paper.
The Arena do Grêmio or Grêmio Arena, as the 60,000 seater stadium is known, is due to open on December 8 and features a conference centre, hotels, a shopping mall and housing within the stunning new complex.
The only precedent for such a deal in Brazil comes from Atlético Paranaense, who briefly renamed the Arena de Baixada as the Kyocera Arena between 2005 and 2008.
The deal promises to greatly strengthen Grêmio's financial position, with revenues from the impressive new stadium - to be funded by the sales of real estate - already set to give the Tricolor a massive boost in the coming seasons.