Spartak Moscow sign sponsorship deal for new ground

Top Russian side Spartak Moscow have struck a new 1.2 billion-rouble (40-million-dollar) sponsorship deal with the Otkrytie private commercial bank, the club announced.

Under the terms of the deal, Spartak's new stadium, which is currently under construction in northwest Moscow, will be named the Otkrytie Arena for the next six years.

"This deal will help Spartak meet the demands of the financial fair-play rules, which were recently announced by the European football ruling body UEFA," Spartak owner Leonid Fedun told the press.

Fedun added that construction work at the new arena would cost a total of 12 billion roubles (400 million dollars).

"We hope that Spartak will be able to start the 2014/15 Russian championship at the new stadium," he said.

The 45,000-seat venue will also host matches played by the Russian national side and games in the 2017 FIFA Confederations Cup.