Italian Serie A football club Inter Milan has confirmed an extension to its shirt sponsorship deal with tyre manufacturer Pirelli.
The renewal will run for five years, from 2016-17 to 2020-21, extending a partnership that has been in place for 20 years.
The financial details were not disclosed, but Inter said that the new agreement would entail “a fixed component and a variable figure based on the results of the team.”
The Gazzetta dello Sport newspaper previously said that the deal is worth about €9m ($10m) per year plus bonus payments, but Italian broadcaster Mediaset reported that the agreement could be worth up to €12m per season.
Inter said that the new deal would strengthen its brand “in Italy and abroad, particularly in a significant market like China.”
Pirelli executive vice-chairman and chief executive Marco Tronchetti Provera said: “The extension of our partnership with Inter reaffirms our convergence on targets, strategy and our desire to compete, which have underpinned our 20-year association and will continue to do so going forward.”