Premier League giants Arsenal have signed a record five-year extension to their shirt sponsorship deal with airline Emirates.
The new deal which runs through to the end of the 2023-24 season is the largest sponsorship deal ever signed by the club and is said to be worth over £200million over the course of five years.
Making the announcement, Arsenal Chief executive Ivan Gazidis hailed a “significantly” improved deal that will help the club compete in the upper echelons of the Premier League.
“Our shirt partnership is the longest running in the Premier League and one of the longest relationships in world sport,” Gazidis said.
“Emirates are again demonstrating their great belief in our approach and ambition and their significantly increased investment will help us continue to compete for trophies and bring more success to the club and our fans around the world.”
Emirates have also sponsored Arsenal’s stadium since its opening in 2006 and will continue to do so until 2028.
Meanwhile, the club’s kit manufacturing deal with Puma, valued at £30million a year, expires at the end of the 2018-19 season.
The deal with puma hasn’t been as profitable as expected since it was struck in the summer of 2013, with the Gunners earning £117.3m from off-field activities and sponsorship compared to the £279.5m of rivals Manchester United.
While the new shirt deal will undoubtedly be well received by Arsenal fans, it’s success on the pitch that will really lift the spirits at the Emirates.
Arsene Wenger‘s men are already out of the running in the Premier League race this season, and must now win the Europa League to return to the glamorous Champions League next season.