"We are delighted to be expanding our relationship with Etihad Airways through this comprehensive partnership agreement," said City CEO Garry Cook.
"Most importantly, in addition to delivering significant revenue at a key stage in the Club's evolution, the agreement creates exciting opportunities for our two organisations to cooperate more deeply commercially and on media and community initiatives in the future."
This looks like a shrewd bit of business by City's mega rich owners as they look for any form of income in order to balance the books in time for the Champions League in a couple of years.
|Image courtesy of e-architect.co.uk|
With UEFA's decision to ban clubs who spend more than their income, it was crucial that City found extra money from somewhere to help wipe out the £300m spend on new players since Sheikh Mansour bin Zayed Al Nahyan bought the club in 2008.
Not only will it help cover the transfer fees, but also the wage bill - which is amongst one of the highest in the sporting world.
All kinds of sponsorship deals have been looked at, including lucrative shirt deals, but UEFA insisted they will investigate every deal to make sure that payments are not 'excessive'.
"This is a game-changing partnership agreement that redefines the traditional sports sponsorship paradigm," said Etihad Airways CEO James Hogan. "It is a once-in-a-lifetime opportunity for two iconic brands that share the same vision to promote far-reaching global awareness and business growth."
City join a handful of Premier League clubs who have sold the naming rights to their stadium. Arsenal, Bolton Wanderers, Stoke City, Swansea City and Wigan Athletic are the select few who have income from the name of their stadiums, and now fans will be hoping the Etihad Stadium will become a fortress and send fear into the hearts of opposition players.
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