Real Madrid and Fly Emirates have renewed their shirt sponsorship arrangement in a new deal worth 70 million euros during each of the next five years, according to Palco23. The new agreement, for a total of 280 million euros, will be the most lucrative sponsorship accord ever seen in world football - dwarfing the 55 million per annum deal struck by FC Barcelona with Rakuten and the 62 million euro per year deal Manchester United have in place with Chevrolet until 2021.

Madrid's new shirt sponsorship deal with Emirates is already signed off

According to the web site, the relevant documents were signed by Madrid and Emirates in the summer but the extension has yet to be made official. Two of the conditions in the new contract include installing four LED advertising banners by both goal areas at the Santiagio Bernabéu stadium as well as publicity on the squad's training kit.

With the Emirates sponsorship secured, Madrid will now negotiate new terms with another of their major sponsors, Adidas. According to Palco23, Real Madrid will sign a new deal worth 105 million, superseding the record transaction Barcelona signed with Nike. Several months ago, Football Leaks reported that Adidas had offered Madrid an agreement worth a fixed 70 million euros plus an additional 30 million for merchandising.