Brazilian giant Santos has agreed a one-year extension to its contract with main sponsor Banco BMG, with president Luis Alvaro Ribeiro admitting the agreement was aided by Neymar’s decision to commit his future to the club.

Although financial details behind the deal have not been disclosed, Alvaro Ribeiro has stated that it exceeds the sum of US$10.3 million paid this year. Reports have indicated that the financial institution could pay as much as $13.8 million to remain as Santos’ lead shirt sponsor in 2012. “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.”

The agreement comes as Santos prepares to celebrate its centenary in 2012. The Sao Paulo outfit enjoyed a successful 2011, capturing the Copa Libertadores and Campeonato Paulista titles, and was last week buoyed by the news that Neymar had agreed a new contract. The 19-year-old is the new superstar of the Brazilian game and has been heavily linked with a move to European heavyweights such as FC Barcelona and Real Madrid.

Alvaro Ribeiro added: “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. But I’m glad we made ​​the agreement (with Banco BMG). I believe 2012 be a year of transition for companies that are going to spend more in 2013 to obtain a higher return during World Cup 2014 here in Brazil.”

Source: timeslive.co.za

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