French Ligue 1 football club Olympique Lyonnais has signed a naming-rights deal with insurance company Groupama Rhône-Alpes Auvergine for its home ground.

Under the agreement, the stadium will now be known as Groupama Stadium for the length of the three-year contract, with an option to extend.

The financial terms of the contract were not disclosed, but the AFP news agency reports that a figure of between €5m (£4.4m/$5.7m) and €7m per year had been sought by the club.

Groupama Stadium, formerly Parc OL, first opened in January 2016 and has a 59,186 capacity.

The firm has a long-standing partnership with Lyon, through its kit sponsorship of the men’s, women’s and youth teams, as well as holding the naming rights of the training centres, at an annual cost of €1.3m over three years.

Groupama will benefit through clear visibility of its name outside the stadium, in the arena, and on the itinerary of clients and the general public.

The insurance group will also be able to use the image of the stadium to promote its offers and services. Groupama will also be provided with the use of the stadium’s spaces year-round.

Lyon owner and chairman, Jean-Michel Aulas, said: “I am particularly pleased and proud of the signing of this global industrial agreement of naming and partnership with Groupama Rhône-Alpes Auvergne.

“We have always been convinced that what was possible abroad would also be possible in France. We were able to imagine together a device that transcends the simple visibility of a mark on an enclosure.”

Groupama director Jean-Louis Pivard said: “We are proud that the mutual company Groupama Rhône-Alpes Auvergne is once again joining its partner OL, to give its name to this great stadium, whose early successes are very promising. We hope for a very good visibility and an influence on our region, to bring our image to all our fans, and especially to elected representatives and members.”

Francis Thomine, general director of Groupama, added: “This new step in our partnership with OL is reflected in an industrial project that is innovative in its construction, ambitious in its economic objectives, and valuing the pride of belonging to our employees and members.

“Groupama Stadium will be a large stadium, but also a venue for events and a unique social and cultural gathering for our region. We extend our best wishes for success to its development “.

Image: Noixdecoco99