They could have gotten a lot more than that.
150m for 5 season of kit and 7 season of stadium.
That pretty much 25m a year on kit and stadium.
Emirates Marketing Project get 40m a year for kit and stadium.
United's new deal is 45m a year for kit
Liverpool's is 20m for kit
Sunderland's is 20m even.
Levy is looking for 400m over 20 years just for naming rights for the new stadium.
Emirates Marketing Project's deal is brokered and subsidized by Mansour, and everyone on Earth knows it.
United are England's most successful club, and boast a fan base, stadium, and revenue stream far superior to Arsenal's.
Liverpool's deal is due to some phenomenally good negotiating by NESV, and I doubt they'd see the same value again if they were to offer the rights now. Still, they also possess a larger global fanbase (or did, anyway), and a more successful history than Arsenal do, which is endlessly appealing to potential sponsors.
Sunderland's Invest in Africa deal is dodgier than it looks, considering that no one knows where IiA's principal source of funding comes from, beyond Tullow Oil, a company with a questionable rights record.
And Levy's dream of 400 million for the stadium has always sounded faintly ludicrous to me. Why any sponsor would pay that to get their name slapped on a stadium in a burnt-out, essentially deprived and poor neighborhood, which hosts a team which has only gotten into the Champions League once, and is only the sixth most succesful club in England, having not won a major trophy since the League Cup in 2008, and prior to that, in 1999....is beyond me. Arsenal approached it from a much stronger position and got less than half the amount Levy's expecting. And that from one of the world's leading airlines, at a time of global economic growth. Expecting 400 million during this current, gloomy world financial state is bordering on the delusional, and I doubt Levy expects anything like that now. Unless he's courting a care-free Qatari investment fund or something.