SAO PAULO (Reuters) - Allianz SE (ALVG.DE), Europe's biggest insurer, is in talks to buy the naming rights to a football stadium under construction in Brazil's largest city Sao Paulo, in what may become the first major football sponsorship deal in the country hosting the World Cup next year.
The German company, which currently owns the naming rights for stadiums in Germany, Australia, England and France, said in a statement to Reuters on Wednesday that negotiations with Grupo WTorre, the building company in charge of the construction of the venue, are "in an advanced stage."
The stadium, which is expected to be completed by the end of this year, will host games for eight-time Brazilian title winners Palmeiras, as well as concerts and other events. Rivals Corinthians are building their own stadium, which is expected to host the opening game of the 2014 World Cup, and are also looking for buyers for the venue's naming rights.
A spokeswoman for Allianz in Brazil declined to comment on the potential size of the deal, saying terms remain under discussion. According to local media, Allianz is offering 300 million reais (98 million pounds) to hold the naming rights of the Palmeiras stadium for the next 20 years.
Reporting by Guillermo Parra-Bernal; Editing by Mohammad Zargham