Japanese e-commerce giant Rakuten Inc. is paying €220 million ($235.4 million) to emblazon its logo on the FC Barcelona soccer team's jerseys for four years, in one of the biggest sponsorship deals in the sport.
Rakuten, which has been trying to raise its profile outside Japan after billions of dollars worth of investments in U.S. and other internet companies, will replace Qatar Airways Ltd. on one of the most sought-after pieces of marketing real estate in sports as of next year. Until its agreement with the state of Qatar in 2011, Barcelona didn't allow brands to advertise on the front of its jersey. For five years from 2006 it displayed UNICEF'S logo in an unpaid sponsorship.
"This agreement puts us at the forefront of sports club sponsorships, which has always been an objective for the current board of directors," Barcelona President Josep Maria Bartomeu said in a statement.
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