The extension is reported to be worth around 100 million euros and could help on the club’s cash problems.
The Bundesliga side have massive 230 million euros in debts.
“We have closed the deal for the next five years,” Clemens Toennies, chairman of Schalke’s advisory board, told German daily Bild.
“It will improve conditions for us and I explained that on my last trip to Moscow, because this deal will help stabilise the club.”
