Chinese telecom company Huawei has recently signed a major sponsorship contract with the Brazilian football team Santos Futebol Clube.
Although the contract's lump sum was not disclosed to the public, the deal is reported to last until the end of this year only. However, the two parties are still open to negotiate an extension, according to the Brazilian club.
Odilio Rodrigues, the club's president, lauded the announcement, saying that the partnership is of significance for the team as they are forming ties with a multinational company.
The deal states that Huawei's logo and brand name will be displayed on the front of Santos players' shirts during the Brazilian Serie A and Copa do Brasil matchups.
According to Fernando Montanha, the Brazilian team's marketing manager, the chance of contract extension is quite big. This would mark the end of the Brazilian team's pursuit for finding a major sponsor, which this time lasted around 20 months.
Jason Zhao, the president in Huawei's Brazil branch, said that the Chinese telecom firm was enticed by the Santos' consistency in generating exemplary football players such as Neymar and Pele.
"Santos is a great city and the home of one of the world's biggest clubs," said Zhao.
In 2013, Santos posted a loss of $20 million. With the Huawei-Santos deal signed, the team is hoping to end its financial problems.
Recently, Huawei reported that its international smartphone shipments grew 26 percent year-on-year and will be landing at over 16 million units.