Atletico Madrid have signed a deal with Saudi Arabian airline Riyadh Air to become their main shirt sponsor.
Los Colchoneros had been on the lookout for a new sponsor after crypto-platform Whalefin decided to get out of their five-year agreement, having become victim of the volatile market.
Now Atletico have signed a new agreement which is described as ‘multi-annual’, although it is not clear whether that is year to year or if there is a commitment. Whalefin were paying €42m per year, and while it is not yet clear how much Riyadh Air will pay, 2Playbook claim it will amount to €40m per annum for the next four seasons.
Riyadh Air are yet to take flight, having been announced as a new airline in March, with their first flights due to take off in early 2025. A new Saudi Airline, who share a President in Yassir Al-Rumayyan with the Saudi Government-funded Public Investment Fund, they aim to fly to 100 destinations by 2030.
Given the name is in English, and they will work alongside another national airline in Saudia, it seems clear that Riyadh Air have been aimed at the international market and connecting Saudi Arabia better for tourism and trade. The Chief Executive is Tony Douglas, who previously occupied the same role at Etihad Airways.
