Gazprom extends deal with Schalke

German football club FC Schalke 04 gained a EUR 100 million sponsorship deal with Gazprom, a Russian firm, AFP reports.

The deal extends the company’s sponsorship for a further five years, which will ease the club’s financial troubles. Coach Felix Magath was prepared to sell valuable players before the extended deal with Gazprom was in place.

FC Schalke 04’s debt was estimated at EUR 230 million, however the deal will help stabilize the club if its performance holds a place in the Bundesliga and the Champions League.

The original contract was due to expire in 2012, however with the extension, the sponsorship will last through 2017.