Palmeiras hails extension of record sponsorship deal

Palmeiras has extended its agreement with main sponsors, financial services group Crefisa and São Paulo-based education centre Faculdade das Américas (FAM), in a deal the Campeonato Brasileiro Série A team claims retains its status as having the most lucrative sponsorship deal in Latin American club football.

Crefisa and FAM have signed three-year extensions, covering 2019 to 2021. The new contract will be worth a basic R$81m (€18.8m/$21.4m) per season. Through additional bonuses, Palmeiras said the deal could be worth up to R$410m over the term of the agreement.

The partnership between the three organisations began in 2015 and the club has since won the Série A title in 2016 and 2018, as well as the Copa do Brasil in 2015.

Palmeiras president Mauricio Galiotte said: “This partnership began in January 2015, at that time Palmeiras was in a very difficult situation. Probably, at the time, we were going through the biggest financial crisis in the history of Palmeiras.

“In 2015, we began the rebuilding of the club and the financial and sports management restructuring. At that moment, first we went to Crefisa and then FAM. We have been very successful with this partnership, in four years with Crefisa and FAM there have been three national titles.

“Today, Palmeiras is a reference club, and the participation of our partners was very great in this period so that the club could reach the level that we have. It’s a different partnership, an extremely important sponsorship, to date the largest in Latin America.”