SAO PAULO, Brazil - Italian carmaker Fiat has reached a sponsorship deal with four-time Brazilian champion Palmeiras.
Financial details were not officially disclosed, but local media reported Fiat will pay Palmeiras about 20 million reals (C$11.1 million) per year until the end of 2010.
Palmeiras, the 1999 Copa Libertadores champion, was formerly sponsored by Pirelli.
The club was expected to use the sponsorship money to restructure its soccer department and develop its youth squads.
The deal also includes performance-related bonuses.
Palmeiras, which last week hired former Real Madrid coach Vanderlei Luxemburgo for the next two seasons, hasn't won a significant title since the 2000 Rio-Sao Paulo tournament. It finished seventh in this year's Brazilian league.
The club said it was finalizing details for an upcoming friendly against Italian club Juventus - also sponsored by Fiat.
Palmeiras next year will kick off a multimillion-dollar project to modernize its Palestra Italia stadium.
Associated Press
Financial details were not officially disclosed, but local media reported Fiat will pay Palmeiras about 20 million reals (C$11.1 million) per year until the end of 2010.
Palmeiras, the 1999 Copa Libertadores champion, was formerly sponsored by Pirelli.
The club was expected to use the sponsorship money to restructure its soccer department and develop its youth squads.
The deal also includes performance-related bonuses.
Palmeiras, which last week hired former Real Madrid coach Vanderlei Luxemburgo for the next two seasons, hasn't won a significant title since the 2000 Rio-Sao Paulo tournament. It finished seventh in this year's Brazilian league.
The club said it was finalizing details for an upcoming friendly against Italian club Juventus - also sponsored by Fiat.
Palmeiras next year will kick off a multimillion-dollar project to modernize its Palestra Italia stadium.
Associated Press
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