The current champions league winners, Real Madrid, have ended the contract of their major sponsor Audi, effective from July 1, according to Marca. The Los Blancos have reportedly left Audi after 19 years for a new sponsorship deal with BMW. The management teams of both Real Madrid and Audi had a meeting regarding the renewal of their ongoing contract. But multiple reports suggest that after failing to meet the financial requirements of the Spanish Giants, the German company has decided not to renew the deal, which is going to expire on June 30 this year. Audi's leaders want to focus fully on their association with Bayern Munich, so they are trying to reduce their engagement and investment in football except in the Bavarians. Mohamed Salah Played With Injury in UCL Final Against Real Madrid, Reveals Egypt National Team Doctor.

For Real Madrid, the BMW deal is a blessing in disguise as the Spanish giants are looking forward to bolstering their economic department. Real Madrid are renovating their stadium Santiago Bernabeu, which is reportedly costing them around $900 million. Due to this huge expenditure, the club president Florentino Perez is looking for more external financial investment, which he wanted from the club's 19-year-old sponsor partner Audi. But after failing to reach a financial agreement, both the parties decided to discontinue the soon-to-be-expired contract.

The German car-making company BMW, which wants to enter the football world desperately, have agreed to fulfil the financial requirements of the Los Blancos, which ensures the brand's presence at Santiago Bernabeu and its activities from this year. However, both Real Madrid and BMW will announce their new deal in the upcoming days with the contract papers having been signed mutually.

(The above story first appeared on LatestLY on Jun 24, 2022 10:22 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).