Usain Bolt renews sponsorship deal with Puma

Usain Bolt meets fans and signs copies of his autobiography – “Faster Than Lightning” at Selfridges on September 19, 2013 in London, England (Getty Images)

German sportswear company Puma on Tuesday announced that Jamaica’s Olympic sprint champion Usain Bolt has renewed his long-term sponsorship deal to until after the Rio Olympic Games in 2016, according to reports from TOI.

The World and Olympic champion has been on Puma’s books for over a decade now and the renewal will be a much-needed boost to the brand as they struggle to keep up with the big boys of the market – Adidas and Nike.

The extension would mean that Bolt is likely to stick with Puma right through to the end of his glittering career.

Bolt in recent weeks has said that he could retire after the Rio Olympiad.

“I have always been very happy to be a part of the Puma family, I am proud to represent them and delighted to continue with them for the years ahead,” said Bolt through a prepared statement.

Bjorn Gulden, Puma’s new CEO who took over this past July, had made the Bolt contract issue a priority after it was revealed that the brand had cut down on quite a few other sponsorship deals.

New Puma CEO Bjorn Gulden, who took the job in July, had made the renewal one of his initial priorities after the company cut spending on other sponsorship deals.

Gulden said Bolt was a perfect ambassador for Puma.

“He will play a crucial role in our future product concepts as well as brand communications leading towards the Olympic Games in Rio 2016 and beyond,” Gulden said.

No financial details of the agreement were disclosed.

In a recent report by Forbes, Bolt was ranked the 40th best paid athlete in the world and was the highest paid track and field competitor. His annual earnings have been estimated at about $24.2 million, the bulk of which have come from endorsements.