SPARTAK MOSCOW has sold the naming rights to its new stadium after agreeing a six-year, $40 million deal with Otkritie Bank.
The 44,000 seat stadium, which is currently under construction in Moscow, will be known as the Otkritie Arena until 2018.
The stadium will become the new home of the nine-time Russian Premier League Champions, which currently shares a home ground with city rivals CSKA Moscow.
According to an official statement released by Spartak Moscow, money from the deal will be invested in the club's infrastructure, training ground, academy, programmes for ex-players and youth football.
Funds from the sponsorship will also assist in the club complying with UEFA’s Financial Fair Play (FFP) rules.
“This deal is very important for the club, especially in light of Financial Fair Play policy introduced by UEFA,” said Leonid Fedun, owner of Spartak Moscow.
“In connection with this, our own stadium with adjacent infrastructure is the cornerstone to bringing the Financial Fair Play idea to life.”
The stadium is scheduled to open in May 2014 and will be one of 12 host venues of the 2018 FIFA world Cup.
By Luke Harman
Follow Luke on Twitter: @lukeharmanSBG