Real Madrid and bwin announced on Monday the extension of the shirt sponsorship deal through 2013.
Experts say the nine-times European champions could earn more than 20m euros ($29.1m; £18.3m) a year from the renegotiated agreement.
The event took place in the Presidential Balcony of the Santiago Bernabeu and was attended by club president Florentino Perez, Director General Jorge Valdano, Sporting Director Miguel Pardeza and several members of the team including Raul, Guti, Casillas and Sergio Ramos. Co-Chief Executive Officer and Member of the Executive Board, Mr. Manfred Bodner attended on behalf of bwin.
"I am happy to announce that Real Madrid will have bwin as a partner for another three years. bwin is a loyal partner which understands sport and especially football, which values quality and singularity and which knows how to profit from the emotion generated by Real Madrid throughout the world."
"We are proud to sponsor the greatest football club in the world. bwin and Real Madrid are linked by much more than just a sponsorship commitment lasting several years. A huge passion for football and for sports in general are just a few of the points that form the basis for the lasting and successful collaboration between us. We are convinced that in the next few years Real Madrid will continue to add to its incomparable history with a tenth Champions League title."