EVERTON chief executive Robert Elstone believes a new record-breaking shirt sponsorship deal is an indication of the progress the club is making.

Chang, the Thai beer company, have extended their long-standing association with the Toffees for another three years.

Terms included in the agreement could see Everton net more than £12million by 2014, by which time the sponsorship with Chang will have spanned a decade.

“It is a great deal for us financially,” said Elstone.

“It is probably about four times the original deal and is at least 25% more than the current deal, so we are showing good growth rates.

“And in a climate where people are really questioning where they spend their money, questioning their investments and trying to save money wherever they can, the fact that Chang have come back to us and are prepared to spend more than they have in the past shows that we are really delivering for them.

“Also I think the length of the partnership shows we work hard, we are a good partner and that it is a genuine working relationship with excellent communication.”

The decision to prolong the club’s current partnership with the beer manufacturer makes it the longest-standing sponsorship deal in the Premier League.

Goodison officials were yesterday in Bangkok to complete the agreement, which is also the biggest shirt sponsorship deal in the club’s history.

Everton have been wearing Chang’s distinctive elephant logo on their shirts since the start of the 2004/05 season, and the extension will further boost their profile in the thriving South East Asian football market.