Atletico Madrid has announced one-year contract extension with Hyundai Motors. The agreement with the Korean company will now run until the end of the 2021/22 season. Hyundai’s logo will be present on the left sleeve of our men’s and women’s first teams’ shirts at Atletico Madrid. The renewal continues a sponsorship that first started in 2018-19.
Andreas-Christoph Hofmann, Vice President Marketing “Hyundai congratulates Club Atlético de Madrid on a successful season, culminating in its eleventh La Liga title. When we started this journey, we knew that Atletico de Madrid and their fans were unique: they were more than just a team – they were a family.”
Commenting on the deal, Inigo Aznar, commercial director for Atlético de Madrid, said that the two organisations had built a great team over the last three years, something that has become even stronger in these difficult recent times. The renewed deal will be worth around €5m ($6m) per year, which will provide welcome liquidity for the club’s finances, which have been adversely impacted by the Covid-19 pandemic.
In order to cope up with the economic effects of COVID-19 as well as to reduce the level of debt caused by both investment in the new stadium (Wanda Metropolitano) and the acquisition of players like Joao Felix, the club moved to shore up its financial position by agreeing on a capital increase of €181.8 million last month.
Atletico Madrid was one of the 12 clubs involved in the creation of the breakaway European Super League, before quickly backtracking amid the storm of criticism by the fans and the media, and the footballing community in general. The three clubs yet to drop out of the ESL, (Real Madrid, Barcelona, and Juventus)can potentially face a two-year ban from playing in the Champions League. Head coach Diego Simeone will be hoping that new summer additions will help in the bid to retain the La Liga title.