China's Huawei signs Santos sponsorship deal

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RIO DE JANEIRO -- Santos have announced the signing of a major sponsorship deal with Chinese technology firm Huawei.

The agreement, for un undisclosed sum, is valid until the end of 2014 with the option of an extension, the Brazilian club said on Tuesday.

"This is an important announcement because we are forming a partnership with one of the world's biggest technology companies," Santos president Odilio Rodrigues told a press conference.

Under terms of the deal, the Shenzhen-based firm will have its name and logo displayed on the front of Santos' shirt for both Copa do Brasil and Brazilian Serie A matches.

Santos marketing manager Fernando Montanha described as "enormous" the chances of signing an extension to the contract, which ends Santos' 20-month search for a major sponsor.

Huawei's Brazil president Jason Zhao said the company was drawn to Santos' rich tradition of producing iconic players like Pele and Neymar.

"Santos is a great city and the home of one of the world's biggest clubs," Zhao said.

The deal is expected to alleviate the financial strain on Santos, who posted a 2013 loss of $20 million.