The long-term future of the International Basketball Federation (FIBA) has been bolstered by the 12-year extension of its strategic partnership agreement with the Wanda Group in a deal signed at the FIBA World Cup in China.
A global partnership was first signed in 2016 and has now been extended to 2031.
The signing ceremony, which took place at the Wanda Vista in Beijing, was attended by the Wanda chairman, Wang Jianlin, FIBA's secretary general Andreas Zagklis, FIBA's outgoing President Horacio Muratore and newly-elected President Hamane Niang.
As a global partner, Wanda will have worldwide marketing rights to the next three cycles of the FIBA Basketball World Cups and World Cup Qualifiers, the Women's Basketball World Cups, the FIBA Continental Cups and also the FIBA Youth World Cups.
Wanda will benefit from exclusive marketing rights across a wide range of categories including real estate development, shopping malls, hotels, travel agencies, cinemas and theme parks.
The enhanced partnership between FIBA and Wanda will continue to promote the development of basketball worldwide, bringing more top international club competitions to China and also contributing to the development of basketball in the country through programmes such as the Little Champions initiative.
Zagklis said: "Today is a very important day for FIBA, not only because it is the start of the FIBA Basketball World Cup but it is also the day of a landmark announcement and celebration of this strategic global partnership extension with the Wanda Group.
"This 12-year extension confirms that Wanda and FIBA together think long-term and share the same vision.
"With this agreement, Wanda becomes one of the longest partners of FIBA in its 90 years of history."
Wang added: "This strategic partnership between the Wanda Group and FIBA will greatly promote the development of basketball globally.
"It will also bring more top international basketball competitions to China and strengthen basketball's position as the number one team sport in the country and contribute greatly to its development."
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