German handball team SC Magdeburg has announced an early extension of its sponsorship deal with energy services company Getec AG.
The current contract, which sees Getec serve as the team’s main sponsor, was due to expire at the end of the 2014 Handball Bundesliga (HBL) season but the two parties have opted to renew until June 2016, with the new terms including an option to extend for a further two years.
Getec has supported SC Magdeburg since 2001 and in 2011 acquired naming rights to the team’s home, which is now called the Getec Arena.
Charles Gerhold, the chief executive of Getec, said: "The handball players of SC Magdeburg know that it takes motivation, team spirit and efficiency to be successful long term in the league and be on the European stage.
“These values are also shared by Getec provide highly efficient energy supply concepts to our customers. With this early contract extension, we want to provide SC Magdeburg with the security to plan and strengthen the team for the challenges ahead."
Financial terms of the agreement were not released, however it is likely to be worth around €500,000, based on deals of a similar stature.