Italian soccer champions AC Milan have extended a long-standing sponsorship deal with Emirates, the Serie A club and the airline have said in a joint statement.
Bought this year by investment firm RedBird Capital Partners in a €1.2 billion deal, former European champions AC Milan won the Italian Serie A title for the first time in 11 years in May.
Financial details of the agreement were not disclosed but people familiar with the matter told Reuters the contract will bring at least €90 million into the club coffers over three years, more than doubling the annual value of the previous deal.
The United Arab Emirates' flag carrier has been AC Milan's sponsor since 2007 and its logo has been emblazoned on the shirts worn by Rossoneri players since 2010.
The new deal will also continue to include high profile Emirates branding across the San Siro stadium, as well as hospitality, ticketing and other marketing rights, the statement said.
Emirates has established a number of longstanding partnerships with top soccer clubs in Europe, including Real Madrid and Arsenal.
New Office In Dubai
AC Milan also announced it plans to open a new office in Dubai as part of its efforts to further develop its commercial presence in the Middle East area where it says it has more than 2.5 million fans.