Spain venue sponsorship scene pivotal change

Image: Palacio de Deportes de la Comunidad de Madrid, Luis García (Zaqarbal), CC BY-SA 4.0

In a significant shift for Spain’s venue sponsorship scene, the telecommunications company Movistar has taken over the naming rights for the Palacio de Deportes de la Comunidad de Madrid (Madrid Sports Palace) in Madrid.

As of January 2025, the Palacio de Deportes de la Comunidad de Madrid is now known as the Movistar Arena.

‘BASKETNEWS’ stated that the above follows the digital bank WiZink’s decision not to renew its contract which would have extended the naming rights until 2028, as revealed in an official statement from the venue.

Although WiZink held naming rights through to 2028 and had preliminary agreements in place the company’s new leadership has opted to conclude the arrangement. They believe the brand has achieved significant visibility during the contract period similar to the other high-profile sponsorship changes like the Chinese multinational conglomerate Wanda Group’s departure from the 70,460-capacity Riyadh Air Metropolitano Stadium in Madrid which was earlier known as the Wanda Metropolitano.

Movistar is a major telecommunications provider owned by Telefónica operating in Spain and in the Hispanic American countries. It is the largest provider of landline, broadband, mobile services, and pay television (Movistar Plus+) in Spain. Movistar is the second-largest wireless carrier in Mexico with 25.8 million subscribers as of January 2020.

Madrid (Spain)-based Telefónica, S.A. is a Spanish multinational telecommunications company. It is one of the largest telephone operators and mobile network providers in the world. It provides fixed and mobile telephony, broadband and subscription television operating in Europe and the Americas.

The 15,000-capacity Palacio de Deportes de la Comunidad de Madrid (Madrid Sports Palace), officially known as the Movistar Arena since January 2025 for sponsorship reasons, is an indoor sporting arena located in Madrid, Spain.

Madrid (Spain)-based WiZink is a digital bank that offers credit cards, savings, insurance, and other financial services in Spain and Portugal. WiZink’s goal is to help the people improve their financial potential by offering simple, transparent and personalized financing solutions.

‘BASKETNEWS’ further stated that WiZink is making adjustments to its commercial approach which could have a broader impact on its sponsorship deals across Spain. The financial institution plans to introduce a new strategic direction for the 2025-2028 periods which will focus more on the corporate services and a revised sponsorship model in line with the company’s future goals.

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