Atletico Madrid have signed a deal with Saudi airline Riyadh Air to become their main shirt sponsor.
The Colchoneros had been on the hunt for a new sponsor since cryptocurrency platform Whalefin decided to terminate its five-year contract, a victim of market volatility.
Today Atletico signed a new deal described as ‘multi-year’, although it’s unclear whether it’s year-on-year or a commitment. Whalefin was paying €42m per year, and while it’s not yet clear how much Riyadh Air will pay, 2Playbook claims it will be €40m per year for the next four seasons.
Riyadh Air has yet to take off, having been announced as a new airline in March, with its first flights scheduled for early 2025. This new Saudi airline, which shares chairman Yassir Al-Rumayyan with the Fund public investment fund funded by the Saudi government, aims to serve 100 destinations by 2030.
Given that the name is in English and that the company will work alongside another national carrier, Saudia, it seems obvious that Riyadh Air is targeting the international market and improving links between Saudi Arabia and tourism and the trade. The chief executive is Tony Douglas, who previously held the same position at Etihad Airways.
