Despite no longer being a part of the F1 fraternity, Michael Schumacher continues to be a draw for sponsors wishing to get their name out there.

The German was always an attractive proposition while racing in the top flight, as his seven world titles ensured that he was centre of attention wherever he went, but he now appears to be following three-time champion Niki Lauda into retirement with the same allure - and business sense - when it comes to doing deals.

According to Bild, the 44-year old has inked a new agreement with long-term backer Deutsche Verm?gensberatung that will add around EUR3m to his bank balance every year through to 2020.

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Schumacher and the asset management brand first came together in 1996, when he moved to Ferrari from Benetton and the German company is delighted to have extended its relationship.

"Out partnership with Michael Schumacher is like no other connected with our company," CEO Professor Dr. Reinfried Pohl admitted, "From an enriching co-operation, a special personal relationship has been created, based on mutual trust, reliability and durability. Michael is a great model for our financial advisors - his will to succeed, combined with team spirit and humanity, are values that are writ large in the DNA of DVAG."

Schumacher quit F1 for the second time at the end of the 2012 season and, as an advisor to Mercedes, is now watching Lewis Hamilton and Nico Rosberg challenge for pole position and race wins on a regular basis.