Saudi Arabia pays for naming rights to Atlético Madrid's stadium for 9 years

MADRID (AP) — Saudi Arabia has consolidated its branding push with Atlético Madrid by paying for naming rights to the Spanish club’s stadium for the next nine years.

Atlético, which has been sponsored by Saudi state-owned Riyadh Air since last season, said Wednesday that its Metropolitano stadium will be known as the Riyadh Air Metropolitano henceforth until 2033.

It is the third naming rights deal for the Metropolitano, which was first called the Wanda Metropolitano after a deal with the Chinese real estate group when it opened in 2017. In 2022, the venue became the Civitas Metropolitano after an agreement reached with the Spanish real estate developer. The stadium was built to replace the outdated Vicente Calderon.

Atlético did not say how much it was receiving for the new agreement “which makes the Saudi Arabian company the most important sponsor in the club’s history.”

The deal for shirt sponsorship from 2023-27 was already worth a reported 40 million euros ($44 million) a season to the club.

“The final installation of the new name of the stadium on the main, northeast and southeast facades will take place in the next few weeks,” Atlético said.

The establishment of Riyadh Air was announced by Saudi Crown Prince Mohammed bin Salman in March 2023. It is yet to begin commercial operations.

Saudi Arabia is all-but confirmed to host the 2034 World Cup. It is the only candidate in a contest FIFA member federations will decide in a Dec. 11 vote.

But the oil-rich kingdom has been accused of abusing migrant workers. A global group of trade unions filed a complaint in July urging the International Labor Organization to investigate the country for “severe human rights abuses and wage theft,” which it said affected at least 21,000 workers over the past decade.

Hosting the World Cup is part of the sweeping Vision 2030 project backed by the crown prince to modernize Saudi society and diversify the economy beyond dependence on oil. Sports and entertainment events are key to his project.

Deals with Atlético provide a link to the club’s CEO, Miguel Ángel Gil Marin, who is board member of the influential European Club Association, which should be a key stakeholder in negotiations with FIFA over which months the 2034 World Cup will be played.

Dan Friedkin, the owner and president of Italian club Roma, is another ECA board member. Roma’s team jerseys have been displaying the logo of Saudi state-owned entertainment series Riyadh Season since August last year.

Atletico fans cheer before the La Liga soccer match between Atletico Madrid and Real Madrid at the Metropolitano stadium in Madrid, Spain, Sunday, Sept. 29, 2024. (AP Photo/Bernat Armangue)

SEATTLE (AP) — Boeing has withdrawn a contract offer that would have given striking workers 30% raises over four years after talks broke down.

The manufacturer said that it had boosted its offer for union workers for take-home pay and retirement benefits during two days of negotiations.

“Unfortunately, the union did not seriously consider our proposals. Instead, the union made non-negotiable demands far in excess of what can be accepted if we are to remain competitive as a business,” Boeing said in a prepared statement. “Given that position, further negotiations do not make sense at this point and our offer has been withdrawn.”

The union said that it surveyed its members after receiving Boeing's most recent offer, and it was rejected overwhelmingly.

“Your negotiating committee attempted to address multiple priorities that could have led to an offer we could bring to a vote, but the company wasn’t willing to move in our direction,” the International Association of Machinists and Aerospace Workers District 751 said in a message to members.

The union complained last month that Boeing had publicized its latest offer to 33,000 striking workers without first bargaining with union negotiators.

The offer was more generous than the one that was overwhelmingly rejected when the workers went on strike Sept. 13. The first proposal included 25% raises. The union originally demanded 40% over three years. Boeing said average annual pay for machinists would rise from $75,608 now to $111,155 at the end of the four-year contract.

The union represents factory workers who assemble some of the company’s best-selling planes.

The strike is stretching on as Boeing deals with multiple other issues. It has shut down production of 737s, 777s and 767s. Work on 787s continues with nonunion workers in South Carolina.

Shares of Boeing Co., which is headquartered in Arlington, Virginia, fell early 2% before the opening bell Wednesday and the stock is down 41% this year.

FILE - The Boeing logo is displayed at the company's factory Tuesday, Sept. 24, 2024, in Renton, Wash. (AP Photo/Lindsey Wasson, File)