Celtic, the Scottish soccer team, has extended its current five year deal with kit manufacturers Nike for a further five seasons.

The new contract, which will come into effect in the summer of 2010, will excede the existing US$35 million agreement and represents a trimuph for the Scottish Premier League club given the current finanical market. In February, the club announced that during the six months to January, it had managed to slash debt and increase its turnover.

"We are absolutely delighted to announce this new deal with Nike," said Celtic's chief executive Peter Lawwell. "To once again secure a partnership of this kind with the world's leading sports brand is tremendous news.  At all times, Celtic strives for excellence on and off the field. It is fitting that, as champions of Scotland and a regular Uefa Champions League participant, we are to continue our partnership with Nike, one of the most prestigious brands in sport."

Bert Hoyt, vice president of Nike Global Football added: "We are delighted to be signing a new contract with Celtic and extending our partnership with the club for five more years. Nike Football is about innovating for the greatest clubs in the world and Celtic is definitely one of those teams. We look forward to continuing to build on the excellent relationship Nike has with the club and its fans between now and 2015."