August 24 – Palmeiras and Brazilian bank Crefisa have renewed their sponsorship deal until 2024, with the club potentially standing to earn up to €19 million per season.
The renewal is a landmark deal for the Sao Paulo club, with almost no drop-off in value from the previous contract despite the Covid-19 crisis. The agreement is still to be formalised, but will be worth €12.6 million per season without bonuses.
“It is the biggest deal in South America,” said Leila Pereira (pictured left) who heads Crefisa and is running in the club’s presidential elections in November.
Pereira explained that she wanted to conclude the deal before the elections, but denied that there would be a conflict of interest if she is elected. She said: “Journalists should focus not on who puts money into the club, but on who spends it irresponsibly. I don’t see any conflict (in being a sponsor and president).”
Crefisa began sponsoring the Sao Paulo giants in 2015 and in August Pereira announced her intention to run for the top position which will be vacated by current president Mauricio Galiotte.
Palmeiras currently sit in second spot in the Brazilian league table, six points behind leaders Atletico Mineiro. They will meet the Minas club in the semi-finals of the Copa Libertadores as they seek to retain their continental title.
Contact the writer of this story at email@example.com