LONDON (Reuters) - Champions League runners-up Tottenham Hotspur have agreed a new shirt sponsorship deal with AIA Group Limited to the end of the 2026-27 season, the Premier League club announced on Thursday.
The life insurance company has been Spurs' shirt sponsors since 2013 and British media reported the new deal is worth 320 million pounds ($399.90 million) across eight years.
That sum matches the reported 40 million pounds a year deal London rivals Chelsea signed with Yokohama tyres in 2015.
"This renewed and extended partnership demonstrates the strength and success of our well-established relationship with AIA and underlines the positive impact we have been able to bring to AIA's brand and business," Tottenham chairman Daniel Levy said in a statement.
"We are proud to have the immense support of AIA at such a significant time in the club's history.
"We shall continue to collaborate to drive the club's and AIA's growth in Asia and support AIA's commitment to healthy living in its Centennial year and beyond."
The insurer was founded in Shanghai nearly 100 years ago and was the first foreign insurer to be granted a licence in China.
Spurs did not sign any players between February 2018 and July 2019 but broke their transfer record to bring in France midfielder Tanguy Ndombele from Olympique Lyonnais this month.
Asked if Spurs felt pressure to compete with big-spending Premier League rivals, Levy said the increased revenue from the shirt deal did not mean they had to buy more players.
"We don't feel the pressure. Our view is, wherever we can, we will improve the team," he told reporters.
"It's fair to say over recent years we have embarked on two very major capital projects which in the long-term will be a great benefit to the club," he added.
Spurs finally moved into a new 62,000 seater stadium, which British media said cost one billion pounds, towards the end of last season on the site of their old White Hart Lane ground and have invested in a state-of-the-art training centre.
Tottenham finished fourth last season to again qualify for the Champions League and host Aston Villa in their first Premier league match of the new season on Aug. 10.
