Brazilian football club Flamengo has signed a three-year main shirt sponsorship contract with Banco de Brasília (BRB) that will see the two organisations partner on the launch a new digital bank.
BRB will replace BS2 Bank as the club’s master sponsor from July 1, in a deal reportedly worth about R$35m (€6m/$6.8m) per year – more than double the R$15m per year paid by BS2 Bank.
According to a video statement by Rodolfo Landim, the president of Flamengo, the contract includes variables related to the performance of the banking product that will generate further revenue for the club.
BS2 decided to quit its deal with the club with six months still to run on its contract in a “strategic decision” thought to be linked to the effects of the Covid-19 pandemic. The e-commerce giant Amazon was in talks with the club about a deal, however terms could not be agreed.
Under the BRB deal, the joint banking project will allow fans to open a digital account and access Flamengo-branded bank cards and other financial products.
BRB will also have the exclusive right to pay the club’s payroll, and preferred status for banking products and services such as loans, cards and insurance.
In return, Flamengo will participate in the results achieved by the sale of products and services, which will generate an increase in revenue for the club.
Paulo Henrique Costa, president of BRB, said the deal is in line with BRB’s national expansion strategic plan.
“The partnership with Flamengo, a team with a global strength brand, will allow BRB to diversify its business, expand its customer base and expand its national presence both in the form of physical and digital presence,” he said.
BRB currently has 750,000 customers. Flamengo has the largest fanbase in Brazil with about 42 million supporters, according to a Datafolha survey.
The launch of the digital bank is expected for 15 July.