SINGAPORE - In a sensational move, billionaire Peter Lim has acquired the image rights for football superstar Cristiano Ronaldo.
The six-year deal was announced on Monday afternoon.
This is the Singaporean's first foray into the sports marketing business.
The image rights for the two-time Fifa World Player of the Year (2013, 2014) will be managed by Mint Media, a Hong Kong-based company owned by Mr Lim.
Mr Lim said: "Ronaldo is not just a great soccer player, he is also a very popular personality. I am confident that the Cristiano Ronaldo brand will continue to grow."
Ronaldo added: "Peter has valuable and extensive business network and I have always admired Peter's entrepreneurial savvy and his ability to grow businesses.
"He is also a good friend whom I have known for a while. I believe he will be a good partner and good value-add for my brand."
The 30-year-old Real Madrid forward is estimated by Forbes to earn US$27 million (S$36.4 million) annually from endorsements from brands like Nike, Herbalife, Clear Shampoo and Castrol.
Under the deal, Mint Media will own and administer all of the Portuguese's image rights except for those relating to his club, Real Madrid. Mr Lim also said that the partnership with the superstar will provide further exposure and growth for the player's brand in Asia.