Atletico Madrid's new stadium will be sponsored by the Dalian Wanda group, and will be known as the Wanda Metropolitano, reports, www.sportspromedia.com/.

The Chinese conglomerate acquired a 20 per cent stake in the La Liga side in January 2015 and is also a sponsor of their training facilities. The financial details of its naming rights arrangement with the new venue were not released.

The La Liga club will relocate to the new 67,000 seat stadium in August 2017. They have also launched an updated badge, which will appear on their shirts from the start of next season.

"We are very excited by this deal," said Atletico Madrid chief executive Miguel Angel Gil Marin. "Wanda is a strategic partner and our change in stadium is not an isolated event, it's a step forward to the future."

Atletico striker Fernando Torres added: "The fact Atletico thought of this second name is very exciting. It awakes a lot of sentiment for everyone who has Atletico in their blood."