Fashion company Prada has agreed a new deal to sponsor Luna Rossa Challenge for the Italian yachting team’s participation in the next edition of the America’s Cup.
The agreement is worth €50m ($68.5m) from February 2014 to October 2017.
The next edition of the America’s Cup is expected to take place at some point during 2017.
Prada, which has been a long-term partner of the team, will be Luna Rossa’s main sponsor during the competition.