German banking and financial services company Deutsche Bank has expanded its relationship with Eintracht Frankfurt by taking on the naming rights to the Bundesliga club’s stadium.
The two parties have agreed a seven-year deal that will run until June 30, 2027. The deal includes the option of an extension and officially renames the stadium as Deutsche Bank Park.
Deutsche Bank replaces rival banking company Commerzbank as the naming-rights sponsor of the 51,500-seat stadium, which had been known as the Commerzbank Arena since May 2005. Commerzbank has also sponsored Eintracht since the 2002-03 season.
Deutsche Bank is to pay a total of €38m ($40.9m) – an average of €5.4m per season – according to the Bild newspaper.
Uwe Hellmann, head of brand management at Commerzbank, said that the Bundesliga club offered the naming rights “in an open bidding process” and that Commerzbank made a “fair and attractive offer”.
Commerzbank’s existing five-year naming rights deal was announced in February 2015 and expires at the end of the 2019-20 season. That deal is reported to be worth at least €3.5m per year.
Deutsche Bank has sponsored Eintracht since December 2017. As a premium partner of Eintracht, the company has worked with the club to develop new digital business models.
Eintracht said that more details of the agreement would be provided at a later date amid the current situation surrounding the Covid-19 pandemic.
Commerzbank took on naming rights to the stadium after it underwent redevelopment ahead of the 2006 Fifa World Cup in Germany.
Both Deutsche Bank and Commerzbank are headquartered in Frankfurt, and last year the two companies called off talks over a potential merger.
Eintracht Frankfurt took the sale of its sponsorship rights and hospitality packages in-house at the start of the 2019-20 season as it ended a long association with the Lagardère Sports Germany agency. The club’s initial deal with the agency (then Sportfive) was struck in 2004.
The club is reported to have taken the rights in-house with the aim of generating an additional €3m per season in commercial revenues.