Chief executive officer (CEO) of Borussia Dortmund Geschaftsfuhrungs-GmbH, Hans-Joachim Warzke has announced his contract extension with the club until Decemeber 31st 2019.

Watze, 55, is primarily responsible for company strategy and the business divisions "sports", "communication" and "sponsoring".

"Hans-Joachim Watzke has done outstanding work in the past few years. He was an architect of BVB's recent past, he is an architect of BVB's present state and he will operate the development of this great club on a sustainable basis," BVB president Dr. Reinhard Rauball told their official website.

"In Hans-Joachim Watzke, Borussia Dortmund is delighted to not only have a competent but also an outstanding person at the top of the management until 2019 at least."

"In coach Jurgen Klopp until 2018 and sporting director Michael Zorc until 2019, we have already succeeded in securing the sporting corner stones on a long-term basis," said Rauball. "With the contract extension of Hans-Joachim Watzke we have now also succeeded in keeping the entrepreneurial cornerstone."

A business administration graduate, Watzke, helped bring the 2011 and 2012 Bundesliga titles to the Westfalenstadion as well as the 2012 DFB-Pokal. Under his leadership, BVB have quadroupled their turnover in the previous eight years under his guidance.

"We have such a trusting relationship at BVB that I just couldn't decline. It is an honour and a pleasure to work for my club," Watzke told their official website.

"Borussia Dortmund has developed into one of the financially healthiest clubs in Europe and established itself at the highest level. I'm convinced that we haven't reached the end of our journey yet and I would like to play a part in keeping this fantastic club, which has almost 10 million fans in Germany alone, stand for an intense football experience, sustainable business and true love."

Watzke recently criticised Bayern Munich chairman Karl-Heinz Rummenigge for interfering with BVB's affairs. Rummenigge told Bild that Marco Reus is a "very good player" and who "everybody knows will be available for €25million next summer."

Watzke responded by saying: "Borussia Dortmund are rather annoyed that Karl-Heinz Rummenigge is currently saying something about Dortmund issues at a rate of every three days.

"Karl-Heinz Rummenigge knows full well that his behaviour is only going to further damage the already tense relationship between Borussia Dortmund and Bayern Munich."

BVB have recently lost German World Cup final scorer Mario Götze and the 2013/14 Bundesliga top scorer Robert Lewandowski to Bayern Munich in previous two seasons.

Dortmund have just returned from their trip to England where they faced Liverpool on Sunday, losing 4-0 against a dominant Liverpool side.