French club Olympique Lyonnais has signed an extension to its stadium naming rights contract with insurance company Groupama.
The deal will now run for a further three years, until the end of the 2024-25 season, building on an association which began in 2017, when the 59,000-capacity venue was first named the Groupama Stadium.
The agreement with the Paris-headquartered firm also covers naming rights to the club’s training ground, located in the Décines-Charpieu region, a suburb of Lyon.
Groupama last renewed its naming rights agreement in October 2020 in a two-year deal until the end of the current season. That announcement followed a prolonged negotiation between the two parties to find the right price for the rights, with the previous agreement lapsing in July of 2020.
The initial deal was thought to be worth about €5.5m ($6.2m) per year. At the start of 2020, Francis Thomine, managing director of Groupama, said the insurer would pay “not a euro more” to extend.
OL Groupe, the owners of Lyon, recently signed an eight-year agreement with technology retailer LDLC for the naming rights to a new indoor arena within the site housing the Groupama Stadium.
October saw OL Groupe announce a net loss of €107m ($124m) for the 2020-21 financial year, with the results significantly hit by the Covid-19 pandemic and the absence of Lyon's senior men's team from European competition. The women's team, having won the previous five editions of the Uefa Women's Champions League, was eliminated at the quarter-final stage in 2020-21 by French rival Paris Saint-Germain.