Real Madrid Partnership will be announced Thursday

Under Armour withdraw from Real Madrid bid

In a major financial move, Real Madrid have reached an agreement with Telefonica for the upcoming two years.

The announcement is set to take place on Thursday and will be headlined by Jose Maria Alvarez-Pallete, president of the Spanish telephone company, and Florentino Perez, president of the reigning Champions League winners.

Telefonica will offer WiFi at Estadio Santiago Bernabeu and will launch a Madrid-themed application, as well as sponsoring both the football and basketball squads.

However, this does not mean Los Blancos have terminated their relationship with Fly Emirates.

Far from it actually, as the Dubai-based airline is going to pay almost 50 million per season to remain the primary jersey sponsor.

Besides, Real Madrid are seeking to increase their apparel deal with Adidas.

Perez had all but seized a verbal agreement with the long-time chief executive of the German sportswear group, Herbert Hainer, but will now have to re-negotiate the terms with newly appointed CEO Kasper Rorsted.

Telefonica is well-known for its investment in sports, including cycling, futsal, basketball, and MotoGP.