Manchester City have confirmed that they have reached a ten-year agreement with Etihad Airways to rename the City of Manchester Stadium. As reported yesterday, the Eastlands club arranged a press conference for Friday, and chief executive Gary Cook, along with his equivalent in the investors James Hogan, revealed the news to the press.
The Asian organisation already hold the shirt sponsorship of Roberto Mancini’s side, which is worth £2.3million a year and it is believed that the stadium rename will bring £10-12 million investment per season.
“We are delighted to be expanding our relationship with Etihad Airways through this comprehensive partnership agreement. The partnership will not only cover a shirt sponsorship extension, but also the Etihad Stadium,” Cook confirmed in the press conference.
“The wider area around the stadium will be known as the Etihad Campus. There are other elements, such as media, business and community co-operation. It could be one of the most important arrangements in the history of world football.
“Most importantly, in addition to delivering significant revenue at a key stage in the club’s evolution, the agreement creates exciting opportunities for our two organisations to co-operate more deeply commercially and on media and community initiatives in the future,” he continued.
The club are expecting to be investigated by Uefa’s Financial Fair Play committee due to the close relationship between the investors and City’s owners. The deal has immediately sparked speculation of increased transfer activity, with Sergio Aguero and Samuel Eto’o linked with moves to the Etihad Stadium in The Daily Mail.