Percept to renew Sreesanth contract

Percept Talent Management (PTM), which has been facing a rough weather after losing stars such as Yuvraj Singh and Sourav Ganguly, has a reason to smile. The sports management agency is close to signing on ace bowler S Sreesanth for a four-year contract.

Sreesanth originally had a two"�year contract with Percept. which ends in February-March 2008. The agency is now close to renewing its contract with Sreesanth for four years, which includes the upcoming World Cup.

Sreesanth's brother Dipu Santhan confirmed the development.

"We are most likely to continue our association with Percept , because if Sreesanth continues with Percept then he will soon sign on new brands for endorsement," he added.

The new kid on the block has endorsed brands such as Pepsi, Nike and Marico and is said to be in demand post his performance in the ICC World Twenty20 championship. Consequently, his endorsement fee has nearly doubled from Rs 25 lakh per endorsement. Sreesanth is now raking in around Rs 40-50 lakh per brand.

Sonu Lakhwani, associate vice president, Percept Talent Management said, "We want to sign a long-term contract with Sreesanth. However, haven't yet signed on the dotted line. Brands have shown interest in roping in Sreesanth and we have been in talks with a few big brands."

Sources said Air India, Bharat Petroleum Corporation Limited, a confectionery brand, an apparel brand and a mobile company are in talks with Percept for Sreesanth.