Paris, June 28: French champions Paris Saint-Germain said Friday they had signed their biggest ever sponsorship deal with US sportswear giant Nike. No financial details were disclosed, but PSG said the new agreement extends an existing contract with Nike from 2022 until 2032 and represents "the biggest sponsorship agreement in the club's history".

A source close to the club told AFP the deal was worth more than an agreement signed in February with shirt sponsor Accor estimated at between 55-75 million euros ($62-80 million.) Kylian Mbappe Hints at Moving Away From Paris Saint Germain.

Although the current deal with Nike, worth 25 million euros, runs until 2022, the new higher financial terms will come into effect immediately, the source said.

The new deal places PSG among Europe's top five clubs by way of sponsorship earnings, the source said, with the rankings led by Spanish giants Barcelona and Real Madrid.

On its website the club said the deal opened "a new era of collaboration" in a 30-year relationship between club and sponsor. "The partnership which now runs until 2032 will enable the French champions to further build the brand’s success globally," the statement added.

(The above story first appeared on LatestLY on Jun 28, 2019 09:56 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).