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Campeonato Brasileiro giant Flamengo has agreed a one-year deal for Caixa Econômica Federal to become its new main shirt sponsor.

Campeonato Brasileiro giant Flamengo has agreed a one-year deal for Caixa Econômica Federal to become its new main shirt sponsor.

Government-owned financial institution Caixa will pay a reported R$25 million (US$12.4 million) for the right to display its logo on the Rio de Janeiro club’s shirt, with current main sponsor Peugeot moving to the back of the shirt. The deal has yet to be granted final approval by the club’s advisory board, but has been made possible after Flamengo was able to demonstrate that it has cleared all tax debts with federal, state and municipal enterprises. The measure is a condition for the club to be able to enter sponsorship deals with state-owned companies such as Caixa.

Eduardo Bandeira de Mello, president of Flamengo, described the deal as a “milestone” in the history of the club. Luiz Eduardo Baptista, vice-president of marketing, added: “Like Caixa, Flamengo is nationwide and the partnership will be a landmark in Brazilian football. Our management since taking over has made a great effort to clear the name of the club and bring this sponsorship here today.”

The partnership comes after Corinthians in November agreed a shirt sponsorship deal with Caixa, with the club claiming that the agreement marked the most lucrative of its kind in Brazilian football. Caixa is paying US$14.9 million for the right to display its logo across the front of the Sao Paulo club’s shirts until the end of 2013. Commenting on the Flamengo deal, Caixa’s executive director of marketing and communications, Clauir Luis Santos, said:“It is with great pleasure that Caixa has the prospect of closing with the Flamengo shirt and be with the club for the next 12 months. We want the partnership to be approved. We are optimistic and hopefully the partnership will turn into one that will last many years.”

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