Tissot will remain FIBA's Global Partner for main competitions, including the inaugural FIBA Basketball World Cup in 2014 in Spain, as well as providing timekeeping and data services.

The partnership between the Swiss brand and basketball's world governing body began in 2008, and Tissot has since signed up San Antonio Spurs and French international point-guard Tony Parker as an ambassador.

"I am very pleased to see that Tissot continues to support the development of basketball at an international level," Parker said.

"Playing for the national team has a very special dimension and the FIBA competitions give a huge boost to the growth of basketball across the globe."

Tissot ambassador Tony Parker is "very pleased" that Tissot has extended its partnership with FIBA until 2016

FIBA secretary general and International Olympic Committee (IOC) member Patrick Baumann said: "We are very excited to continue our relationship with Tissot, a solid and exciting quality brand that, like ourselves, is based in Switzerland and has strong global ambitions.

"The partnership with Tissot has delivered great benefits for FIBA in the past and we look forward to jointly making a next step in the new cycle."

The new agreement will see Tissot gain FIBA Official Watch and Official Timekeeper status, as well as the rights to present the Most Valuable Player (MVP) Award and the Best Five awards for FIBA competitions.

"We look forward to continuing our longstanding relationship with FIBA," Tissot President François Thiébaud said.

"Being associated with such an international sport as basketball underlines our dynamic nature and our values of precision and performance.

"In turn, we will keep rising to the challenge of ensuring that success and victory at that level are firmly rooted in precision and fairness.

"Offering exclusive timekeeping services and unique designed watches also gives our passionate customers an additional reason to be proud of their commitment to Tissot."

This latest deal is Tissot's second major sponsorship announcement of the week, after it was confirmed as a partner of the International University Sports Federation (FISU) on Wednesday (February 20)

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