German energy company EWE has signed a three-year extension to its sponsorship of Basketball Bundesliga club EWE Baskets Oldenburg.
EWE has sponsored the team since 2001 and the new deal will stretch its association with the club to 20 years.
As well as serving as the naming-rights sponsor of the team, EWE benefits from front-of-shirt brand exposure. It also sponsors the Große EWE Arena, the team’s home facility.
Financial terms of the agreement were not disclosed but EWE Baskets’ managing partner Hermann Schüller said the two parties have “worked out an optimal solution for both sides”.
Schüller added: “The new contract opens up new marketing opportunities for EWE Baskets. We agreed with EWE on a reduction staggered over the contract period. We decide which rights are removed from the contract at which point in time so that we can respond flexibly to market opportunities.
“We are very pleased that we will continue our strategic partnership with EWE in the next decade. It is the basis for us to remain one of the top teams in German basketball and to offer our local fans attractive top-level sport.”