Featured image credit: Fernando Alves on Unsplash
São Paulo has moved to enhance the revenue generating ability of its Estádio do Morumbi by agreeing an exclusive concert deal with Live Nation, while the Campeonato Brasileiro Série A football club is also said to be close to securing a naming rights contract for the venue.
The agreement with the US entertainment giant, first reported by Folha de São Paulo, has not been officially announced, but has been reported by multiple Brazilian media outlets. The five-year contract will give São Paulo the exclusive rights to host Live Nation concerts in Brazil at the Morumbi.
The contract will reportedly see São Paulo receive around R$60m (£9.7m/€11.2m/$12.3m) over the term of the deal to transfer rights to the Morumbi, which the club owns and operates, along with additional variable income from the commercial exploitation of the concerts.
The agreement is yet to be officially signed off by the club, but it will boost the Morumbi’s position in a competitive marketplace in the city, which also includes major venues in the form of Palmeiras’ Allianz Parque and Corinthians’ Neo Química Arena.
The Live Nation deal comes after Globo Esporte reported earlier this week that São Paulo is close to closing a contract with snack foods manufacturer Mondelēz International for the naming rights to the Morumbi.
An initial three-year deal will reportedly be worth between R$25m and R$30m annually. It will see the 66,800-capacity venue, which first opened in 1960, rebranded as ‘Morumbis’. One of Mondelēz’s brands is Bis, which is connected to chocolate-based products.
São Paulo last month opened a sensory room at the Morumbi, while in August it introduced what is claimed to be Latin America’s largest LED ring.
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