Manchester City Football Club has been granted permission by the Council to sell the naming rights to their stadium.
The Blues hope that a sponsorship deal at the City of Manchester Stadium will help the club to become more financially self sufficient as new UEFA financial fair play rules kick in next year. The ruling means that football clubs who want to take part in European competition have to break even over a three-year rolling period, starting from the 2012/13 season.
According to its financial figures, Manchester City reported a £121m loss in the year ending 31 May 2010 despite being owned by the Abu Dhabi-based billionaire, Sheik Mansour. This has led the club to look to other revenue streams to maintain their European ambitions.
City aim to cash in on their current status as a top-four Premier League team and star-studded squad by landing a multimillion-pound sponsorship deal. The move mirrors that of Premier League rival Arsenal, which sold the 15-year rights of its stadium to Emirates airline for nearly £100m in 2006.
Posted on 16/03/2011