Flamengo approve €150 million Adidas kit deal
On Wednesday night at Flamengo's Gávea headquarters, the club's Deliberative Council met to approve a ten-year sponsorship deal with Adidas worth at least R$420 million (€152 million).
The deal, valid from 1 May 2013, will be the biggest in the history of Latin American football and could eventually total R$500 million once various performance related variables are added in.
Around 300 of the club's councillors met to approve the deal, which passed unanimously with only one abstention as the club look to make a new period in their history after recent financial turmoil.
Upon signing the deal, Flamengo will receive a R$6.5 million payment, with a further $3.5 million to be paid to terminate the club's current deal with Olympikus.
The club may then receive a further $50 million of advance payments in January, giving the club a massive cash injection in the coming months—a welcome relief given the club's need to pay the next installment of Vagner Love's transfer fee to CSKA Moscow early next year.