Page last updated at 09:04 GMT, Tuesday, 29 September 2009 10:04 UK

Real Madrid extends Bwin tie-up

Cristiano Ronaldo
The renewed deal will help pay the wages of stars like Ronaldo

Spanish football giants Real Madrid have extended their shirt sponsorship with Austrian online betting group Bwin by three years until 2013.

Experts say the nine-times European champions could earn more than 20m euros ($29.1m; £18.3m) a year from the renegotiated agreement.

Real Madrid president Florentino Perez said Bwin was "a loyal partner which understands sport".

Bwin's name first appeared on Madrid's shirt at the start of season 2007-08.

At the time the deal was said to be worth 15m to 20m euros a year.

Real Madrid's previous sponsor was BenQ, the German handset business of Taiwan's BenQ Corp, which went bust.

The Spanish club has gone on a spending spree over the summer months, acquiring Kaka, Cristiano Ronaldo, Karim Benzema and Xavi Alonso, spending more than £200m.



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