Bayern Munich have secured a new shirt sponsorship agreement with Deutsche Telekom outstripping the deals English giants Manchester United and Liverpool signed earlier this year, and second only to Real Madrid in Europe.

The team will be sponsored by Deutsche Telekom for the next three years, with German media putting the annual sponsorship fee at around €25 million (US$37.3 million), though Bayern general manager Uli Hoeness said that the deal was "strongly performance-related" - the amount will be cut if the team fails to qualify for European competition, and increase if the team is successful on the international stage.

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"I'm proud we've been able to secure the commitment of our valued partners at Deutsche Telekom for the next few years," said Bayern general manager Uli Hoeness. "The point of view we share with our partner is that a sponsorship agreement like this must offer significant benefits to both parties. In this respect, our work together has been extremely successful."

Dr. Henning Stiegenroth, Deutsche Telekom AG head of sports marketing, added: "Bayern is far and away the most successful club in Germany."