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Spartak Sells Stadium Rights

Spartak Moscow have sold the naming rights on their yet-to-be-built stadium to a local bank for more than $40 million for six years, the Russian Premier League club said on Tuesday.

The Otkritie Bank has paid 1.208 billion rubles ($40.11 million) to put its name on the 44,000-seat arena until the end of 2018.

The stadium, which is due to be open in early 2014 in the north-west of Moscow, will host group matches for the 2017 Confederations Cup and the World Cup the following year.

"Several generations of Spartak players starting from the early 1930s have dreamed of playing in their own stadium. Their dreams are soon to become reality," the club's billionaire owner Leonid Fedun, who has invested more than $500 million of his own money into the project, told reporters at the construction site.

(Reuters)

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