The agreement for the arena is valid for nine years, but Atlético Madrid does not disclose how much the airline paid for the naming rights.
The company is described as the "most important sponsor in the club's history" and already has its name on Atlético Madrid's jerseys. The agreement – which spans 2023–2027 – has been reported to generate around 450 million kronor (40 million euro) per season for the club.
Riyadh Air was founded by Saudi Arabia's Crown Prince Mohammed bin Salman in 2023, but has not yet begun commercial flights.
Saudi Arabia has poured sponsor billions into sports such as football, golf, tennis, and Formula 1 in recent years and is expected to be awarded the men's football World Championship 2034 in December. The country is the only candidate.
Saudi Arabia's efforts are often accused of being "sportswashing". A tactic to whitewash the image of an authoritarian regime that violates human rights and to create "goodwill" among the domestic population.
After renovation, Atlético Madrid's arena Metropolitano was re-inaugurated in 2017, and in the early years, the Chinese company Wanda held the naming rights. Since 2022, the Spanish real estate company Cívitas has been adorning the arena's name.
