German soccer club FC Schalke 04, the Gelsenkirchen-based company GEW and a major German bank have signed an agreement that gives another boost to the club's finances.

Schalke, which also signed an extension to its shirt sponsorship deal with Gazprom this week, will sell interests in the Veltins-Arena to its contracting partners for around US$22 million. Meanwhile, the Arena company will be granted loans of €10.5 million to pay back debts to the club. Schalke will have the chance to buy back the shares in the Veltins-Arena in ten years.

• Schalke 04 extends partnership with Gazprom

"This means that funding is in place for the whole of the current 2009/10 season," said Schalke board member Peter Peters. "Our partners are investing in a valuable property, the Veltins-Arena, and thus supporting the ongoing urban and infrastructural development of the Arena Park."