British online trading firm Plus500 has signed a €45m (£40m) three-season deal to sponsor former UEFA Champions League finalists Atletico Madrid.
Announced earlier this morning, the deal starts from the 2018/19 season. Plus500 is the current sponsor of the 10-time winners of Spain's top division, having kicked off a similar relationship in January 2015.
Plus500 will not only be Atletico's main shirt sponsor but will feature on training jerseys and at the club's new 60,000 capacity Wanda Metropolitano stadium in Spain's capital. The founder of Dalian Wanda, Chinese billionaire Wang Jianlin, owns a 20 per cent stake in the Spanish giants
The contracts for difference and spreadbetting platform has had a stellar 2017. With the prospect of a regulatory crackdown hanging over the spreadbetting sector at the start of the year, there were concerns the likes of Plus500 could have been in for a rocky year.
However, the Aim-quoted firm recently posted nine-month revenues that had swelled by 29 per cent. New active users are on an upward trajectory and the firm has almost halved the cost of acquiring each new customer.
Plus500 investors have been rewarded with a near-150 per cent return since January.
Read more: Plus500 has scored higher revenue once again
"We are delighted to have extended the partnership agreement with Plus500. We believe that this partnership has proved itself to date and is supporting our growth and progress," said Atletico Madrid chief executive Miguel Angel Gil Marin.
Meanwhile, Plus500 boss Asaf Elimelech said the Spanish club "consistently demonstrates its strength, professionalism and passion for success, which we feel reflects Plus500’s qualities".
Plans for a regulatory crackdown on the spreadbetting sector were revealed almost a year ago. These included reducing the level of risk investors could shoulder and a curb on inducements to new investors. Originally proposed by Britain's Financial Conduct Authority, changes have been handed over to the European Securities and Markets Authority and are expected to be unveiled early next year.