Brazilian soccer team Santos have extended their contract with main sponsor Banco BMG with the reason being, according to the club's president Luis Alvaro Ribeiro, that star player Neymar committed his future to the club earlier this year.
The Brazilian banking company previously paid US$10.3 million to be the 2011 Campeonato Paulista and Copa Libertadores champions lead shirt sponsor last year but reports suggest the new deal could be valued at around US$13.8 million.
“BMG has renewed with us for a much higher value compared to what was paid this year,” said Alvaro Ribeiro. “Santos have managed to finance an increase in absolute terms. I think it’s a good compromise for both parties.”
Neymar committed to remain with club this year after speculation of a move to European clubs FC Barcelona or Real Madrid.
“Santos gain money with Neymar on three issues: titles, sponsors and fans. It is clear that the value of our shirt with Neymar is different to that without it," Ribeiro added.
Although only 19-years-old, Neymar was ranked by SportsPro as the 17th most marketable athlete in the world in May this year. He currently has multi-million dollar personal endorsement deals with both Nike and Panasonic.