German financial company Deutsche Vermogensberatung (DVAG) has extended its sponsorship deal with Michael Schumacher in a deal worth £18m ($28m).

Though he retired from Formula One at the end of 2012, the seven-time champion maintains a high profile courtesy of his success on track and various ambassadorial roles.

As a result DVAG, which has sponsored the German since 1996, will continue for a further seven years.

"With Michael Schumacher, we have a partner on our side who is connected to our company like nobody else," DVAG Founder & Chair Prof Dr Reinhard Pohl told Bild. "Out of this beneficial cooperation has developed a special personal relationship, which is based on mutual trust, reliability and stability"

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DVAG continues with Schumacher

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