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Corinthians bank extension with main sponsor

Government-owned bank Caixa Economica Federal has signed a season-long extension to its shirt sponsorship agreement with Campeonato Brasileiro Serie A football club Corinthians.

The new deal will cover the upcoming 2016 Serie A campaign, which gets underway next month. Corinthians confirmed the deal with Caixa, which has sponsored the club for the past three seasons, would be worth R$30m (€7.6m/$8.6m).

Under the agreement, Caixa’s branding will continue to appear on the front of the club’s playing jerseys but it will no longer be present on the back. Corinthians confirmed it would explore back-of-shirt sponsorship deals with other companies, with the contract with Caixa also opening up further branding opportunities on its kit.

The two parties’ previous agreement expired in February. Gustavo Herbetta, head of Corinthians’ marketing team, said the club had pushed for more money before eventually striking the R$30m agreement. “Our proposal for Caixa at the beginning was R$40m,” Herbetta told the club’s official website.

Herbetta added that the club hopes to bring in a total of R$70m from shirt sponsorship agreements. “Every club has its value,” he said. “We are dedicated to understanding Corinthians’ position in the sponsorship scene.”

Corinthians is the current Serie A champion and begins the defence of its title with a home game against Grêmio on May 13. It will wear its new Caixa-branded kit for the first time on Sunday in its Paulistão Itaipava match against Red Bull Brasil.