Spanish LaLiga football club Atlético Madrid has announced that its new stadium will be named Estadio Wanda Metropolitano.
Atlético has reached an agreement with Dalian Wanda, the Chinese conglomerate which owns a 20 per cent stake in the club, for the naming rights to the 70,000-capacity venue.
The announcement was made during an event at Atlético’s current home, the Vicente Calderon.
Wanda Metropolitano is being renovated from the old La Peineta athletics venue and is due to be ready in time for the start of the 2017-18 LaLiga season.
Wanda chairman Wang Jianlin said: “Congratulations to Atlético de Madrid and its fans for this spectacular stadium. It will be one of Europe’s top level stadiums. I hope that some day it can host a Uefa Champions League final. And I hope that Atleti gets the best results in all competitions.”
Atlético also unveiled a new badge at the ceremony, which will be used from the 2017-18 season onwards.
Wanda acquired a 20 per cent stake in Atlético in January 2015.