Palmeiras: Allianz acquire stadium naming rights for €117 million

German insurer Allianz has signed the agreement for the naming rights of Brazilian club Palmeiras' stadium, for a total of $148.9 million (€117 million), on 29/04/2013.

The club based in Sao Paulo indicates that the contract will last for 20 years with an option to extend for 10 years. This agreement will fund almost all of the building work estimated at €133 million.

Palmeiras are the second Brazilian club to opt for a commercial sponsor for their stadium. Salvador's stadium Arena Fonte Nova recently agreed a 10 year, $100 million deal with Italian brewers Itaipaya.

Palmeiras will allow fans to vote for the stadium name of their choice via the club's Facebook page. The fans will have to choose between Allianz Parque, Allianz Centre or Allianz 360° by 20/05/2013.

Built on the site of the club's old ground, the Estadio Palestra Italia, Palmeiras' new 43,000 capacity stadium should be finished in November 2013. However, the stadium will not play host to any World Cup 2014 matches. The Itaquera Arena, home of the Corinthians, was chosen to represent the city of Sao Paulo in the…