Riyadh Air will sponsor both the Atletico kit and also hold naming rights for the Metropolitano stadium.
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The agreement will run to 2033.
Riyadh Air will pay €33m-a-year for the stadium rights and €40m-a-year for the shirt.
As such, if all bonus targets are met, the deal with the Saudis will be worth a massive €657m to Atletico Madrid over the nine years.