MILAN (Reuters) - Italian-American carmaker Fiat Chrysler (MI:FCHA) more than doubled the value of a jersey sponsorship deal with Juventus (MI:JUVE) in a sign of increasing support from the Agnelli family for Italy's football champions.
Juventus, which won Italy's soccer league for the last eight seasons, aims to expand its global fan base to boost revenues that topped 600 million euros (£518 million) last year but still lag top European peers such as Real Madrid, Barcelona and Manchester United (N:MANU).
Under the sponsorship deal, Fiat Chrysler (FCA) will pay Juventus at least 42 million euros ($46.7 million) over the next two years to keep its Jeep brand on the Bianconeri shirts, which soccer star Cristiano Ronaldo made popular around the world.
The new financial terms improve an existing accord - worth a guaranteed 17 million euros per year - among the Turin-based club and the carmaker, both under the control of Exor (MI:EXOR), the holding company of the Agnelli family .
The new sponsorship deal comes after Exor also said it would subscribe pro-quota into a 300 million euro capital increase Juventus announced last month.
Juventus said in a statement that FCA's decision to raise its sponsorship followed the "excellent" sport performances achieved in recent years by the soccer team and an increased brand awareness worldwide.
The deal will bring Juventus closer to Premier League sides like Chelsea, Manchester City and Tottenham, each with shirt sponsorships worth around 45 million euros per year, according to FinanceFootball data.
Spanish soccer giants Real Madrid and Barcelona earn 70 million euros and 55 million euros per year respectively from their shirt sponsorship deals.
Juventus and FCA have started negotiations to renew their sponsorship deal, which expires in 2021, the statement added.