Sao Paulo: Iconic footballer Pele's brand came under the ownership of another prominent Brazilian athlete, Neymar Santos Jr., after the company owned by his father said Tuesday it had bought the rights to use it.

Neymar Santos Sr., owner of NR Sports, announced the news at the Pele Museum in Santos, the coastal Brazilian city made famous by the legendary late player.

"We are proud to reach this milestone," Santos Sr. said, adding that "I think it's a very strong brand. We want to enhance its identity and bring it into the present."

The terms of the purchase were not disclosed due to confidentiality agreements with the previous owner, US-based Sport 10, but Brazilian media reports said the deal was worth $18 million.

Widely considered to be the best soccer player of all time, Pele, born Edson Arantes do Nascimento, helped lead his home country of Brazil to three World Cup victories in 1958, 1962 and 1970.

Though the Brazilian legend died in December 2022, his daughter Flavia was at the ceremony for his brand's new owners.

"There are no words to describe the emotion of bringing back a brand that is the soul, humanity, love. It's priceless...as his daughter, I feel honored and happy," she told AFP.

In a statement, NR Sports called the acquisition a "repatriation" of "one of the greatest symbols in the history of the global sport."

"It represents a decisive step towards the preservation, expansion, and enrichment of the legacy of the King of Football."

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