ESSENDON is close to signing a major sponsorship agreement with electronics giant Samsung that will earn the club almost $7.5 million over three years.

The Age believes that Essendon chief executive Peter Jackson and his commercial team, led by Mark Anderson, have been working on the project for 12 months to win a new agreement to replace the current arrangement with 3 Mobile that runs out at the end of this year.

The deal, predicted to be close to $2.5 million a year from 2009 until 2011 is by far the biggest individual agreement between club and major sponsor. AFL giant Collingwood's dual sponsorship arrangement with Emirates and Wizard is said to be worth a comparative amount.

While Anderson yesterday denied that a heads of agreement had been signed between the two parties, it is believed that Essendon and 3 Mobile, which have been partners for almost eight years, will part company at the end of this season. A new design for the Bombers' jumper with the Samsung logo will be created in the coming months.

The soon-to-be-completed deal is a further fillip for the club that only six months ago was facing membership unrest and a potential revolution following its decision to end its 27-year partnership with four-time premiership coach Kevin Sheedy.

Not only were all standing board members re-elected but the 2008 membership already stands at more than 31,000 — 2000 or a 7% increase on the corresponding period last year.

With fledgling coach Matthew Knights taking the team into the second round of the NAB Cup against the Western Bulldogs at Telstra Dome on Friday night, an independent commercial survey late last year found Essendon to be an equally attractive sponsorship vehicle to Collingwood at the top of the Victorian AFL club ladder.

Essendon last week announced Samsung had come on board as a shorts sponsor.

Anderson said last night: "We have enjoyed a successful long-term relationship with 3 and with our current agreement expiring at the end of 2008 it would be remiss of us not to be presenting to other parties.

"We have presented to 3 and Samsung, but nothing has been signed."

Chairman Ray Horsburgh was similarly tight-lipped about the sponsorship coup, which would set a new benchmark for Victorian clubs.

However, it is believed the unofficial arrangement has already been presented to the Essendon board.

Last year the club announced a profit of $1.3 million — a result it expects to repeat this year.

Although the club expected to boast a 2008 profit of $2 million, the relatively modest profit by Essendon standards is expected to come due to the recent multi-million-dollar redevelopment of various club facilities, including $2 million being ploughed into the Bombers' facility at Melton and the recent facelift to the club's gymnasium, boardroom and executive offices at Windy Hill.

With Jackson due to hold talks early in the season with Sheedy over the famous coach's forthcoming induction into the club's hall of fame, the mood at Windy Hill remains buoyant following Sheedy's messy but emotional departure late last year.