Emirates Airline and Arsenal Football Club have signed the biggest club sponsorship in football history, collectively worth about £100 million (Rs 816.21 crore).

Emirates' vice chairman and group president Maurice Flanagan inked the agreement in London on Tuesday with Arsenal Football Club Chairman Peter Wood-Hill, said an Emirates Airline media release.

The agreement provides the Dubai-based international airline with naming rights to the club's new £357 million stadium, presently in construction. The new stadium, seating 60,000 spectators, will boast cutting-edge facilities.

For the next 15 years and with immediate effect it will be known as the Emirates Stadium.

Emirates will also take over as the club's title sponsor -- including 'Fly Emirates' shirt sponsorship -- for eight years, starting from the 2006-2007 season, the first playing season in the new Emirates Stadium.

In addition, Arsenal will set up a soccer school in the United Arab Emirates, as part of the partnership agreement.

The combined value of the Emirates sponsorship makes it by far the biggest deal ever undertaken in British football. It also will create a meaningful and long-lasting relationship between the airline and Arsenal Football Club.

Sheikh Ahmed bin Saeed Al-Maktoum, chairman of Emirates, believes sport sponsorship is a vital part of the airline's growth strategy and that Arsenal is a perfect partner for Emirates.

Ahmed added: "For Emirates, sponsorship is an important means of reaching out to our passengers worldwide, through sharing and supporting their interests. Our massive investment in this partnership underscores our confidence in the continued international growth of Emirates, and in the growth of Dubai as a regional hub for business, tourism and sports.

"This is also an once-in-a-lifetime opportunity to sponsor such a major new stadium and club, and represents a win-win partnership for both Emirates and Arsenal. We look forward to a long and happy relationship with Arsenal."

Maurice Flanagan, Emirates vice chairman and group president, said: "Arsenal's approach and winning team parallel the ambitions and achievements of Emirates Airline. We strive for quality of service and success in everything we do and these values are the essence of our exciting new partnership with Arsenal."

Keith Edelman, managing director of Arsenal Football Club, said: "The sheer size and scale of this deal is an amazing opportunity for Arsenal. We are delighted to have Emirates as our partner and sponsor.