(Bloomberg) — JPMorgan Chase & Co. is to sponsor the most prestigious part of English football club Arsenal FC’s Emirates Stadium in London, according to people familiar with the matter.
The US banking giant becomes the first sponsor of Arsenal’s Diamond Club, a lounge that hosts wealthy fans who pay tens of thousands of pounds a season to watch the team, known as the Gunners, in luxury surroundings.
JPMorgan’s branding was set to be visible during last night’s match between Arsenal and Manchester United FC, the people said, asking not to be identified discussing confidential information.
The Diamond Club, nestled above the half-way line to provide the best view of the pitch, comes with heated seats and blankets to help fans cope with the English winter. It is named after deceased director Danny Fiszman, a diamond-dealer who was instrumental to the construction of the Emirates Stadium, and features the gold Premier League trophy awarded to former manager Arsene Wenger after his team went a whole season unbeaten in 2003-2004.
Membership to the club costs over £30,000 ($38,165) a year, according to two people familiar with the matter.
Sports venues are pushing to increase offerings to high-net-worth fans. Phoenix Suns owner Mat Ishbia is spending $20 million to open a private club at the NBA team’s arena with a $15,000 annual membership fee.
The sponsorship deal was reported earlier in a social media post by an Arsenal fan blog. Representatives for Arsenal and JPMorgan declined to comment.
Arsenal moved into the Emirates Stadium in 2006. The ground has a capacity of around 60,700, slightly smaller than the new stadium built by north London rivals Tottenham Hotspur FC. Arsenal’s American billionaire owner Stan Kroenke could reportedly try to expand the Emirates Stadium to once again boast the biggest club arena in London.
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(Updates with additonal detail on costs.)
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