FC Porto SAD announced this Thursday an agreement with the Ithaca company for the next 25 years in a statement by the CMVM.
The statement said the contract envisages “increasing the use and economic profitability of the Dragao Stadium.”
“In this sense, Ithaca will, for the next 25 years, be entitled to 30% of the economic rights of a new company (to be included in the FC Porto group), which will devote itself to increasing the commercial potential of the Estádio do Dragao, namely in aspects related to corporate hospitality, sponsorship, ticket sales, naming rights to the Dragao Stadium, the Porto Football Club Museum, visits to the Dragao Stadium, the organization of non-sporting events and concerts, as well as other income, present or future, associated with the Dragao Stadium , they explain.
Ithaca will invest, according to the blue and white team, 65 million euros in Porto. Of this, approximately 30 million will be reinvested in the Estádio do Dragão. The rest “is intended to increase Porto’s competitiveness.”
“At the end of the 25-year period of the above-mentioned partnership, Porto will regain 100% of the economic rights to the Dragao stadium,” they assure.
The SAD also guarantees that during the period of the agreement, the Blue and Whites will retain control and management of the activities of their stronghold, as well as full ownership of it.
“The strategic alliance should significantly increase the revenues of the Dragau stadium,” they conclude.
The agreement was announced less than ten days before the club’s elections, in which Jorge Nuno Pinto da Costa, Andre Villas-Boas and Nuno Lobo are running.
Author: morning Post
Source: CM Jornal
I’m Tifany Hawkins, a professional journalist with years of experience in news reporting. I currently work for a prominent news website and write articles for 24NewsReporters as an author. My primary focus is on economy-related stories, though I am also experienced in several other areas of journalism.