Brazilian financial firm Banco BMG has reportedly signed a new main shirt deal with Campeonato Brasileiro Série A club Vasco da Gama.
According to Brazilian news site Globo, the partnership is a five-year deal with an option to revise the contract terms after two years.
Banco BMG will reportedly pay R$8m (€1.8m/$2.1m) in 2019, and Vasco aims to raise at least R$64m from the brand over the five-year deal.
As part of the deal, Banco BMG will aim to open new accounts with Vasco fans through a joint platform with the club.
The business model is similar to Banco BMG’s new partnerships with São Paulo club Corinthians and Atlético Mineiro, both launched ahead of the 2019 season.
Last week, Cruzeiro signed a similar deal for its main shirt asset with Renner Bank.
Vasco had no main shirt sponsor last season, and in 2017 its main shirt sponsor was Brazilian public bank Caixa Econômica Federal.
When Brazilian president Jair Bolsonaro was elected in October last year, he vowed to kick Caixa out of sports sponsorship for good, calling the use of public money to promote the bank “absurd”.
In 2018, Caixa was the shirt sponsor of 25 clubs in the Brazilian Série A and Série B, investing more than €30m (R$127.8m) across the two leagues.