LaLiga: Wanda acquires the naming rights to the new Atletico Madrid stadium, Wanda Metropolitano

Wanda, the Chinese conglomerate specialising in tourism, hospitality, and entertainment, has acquired the naming rights to the new stadium of Club Atlético de Madrid (Laliga Santander), on 09/12/2016. The stadium of 67,000 seats, which has a construction cost of €195m and will be inaugurated in 2017-18, will be called Wanda Metropolitano.

Neither the length, nor the financial details of the agreement were disclosed. Wanda, which holds 20% stake in Atletico Madrid, may pay €10m per season for the naming right to a new stadium, according to Spanish media. The Chinese conglomerate has its brand present at the Atlético training centre, the "Ciudad Deportiva Wanda Atlético de Madrid", since 09/03/2016.

The naming of the stadium by Wanda "is an important step", said Miguel Angel Gil, the CEO of Atletico Madrid, who signed the agreement with the Chinese conglomerate in Beijing (CHN) on 09/12/2016. "On one hand, it means to me an additional step in the alliance between Wanda and Atlético. They are two brands that reinforce the internationally oriented development. This joint quest for…