U2 could earn more than £500 million after signing a new contract.

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The Irish rock band have made a deal with promoters Live Nation, which will entitle them to 1.56 million shares in the company worth around £10 million.

The 12-year deal – which means frontman Bono will be 60 years old before he finishes touring – could see the band earn closer to the staggering amount of £500 million in shared revenue.

The group will continue to make albums for record label Mercury Records.

U2 were reported to be signing a £50 million deal with the concert promoters back in April.

As well as handling the group’s tours, Live Nation – which also has deals with Madonna, Jay-Z, Nickelback and Shakira – will also handle merchandising, digital and branding rights and will run their website and fan club.

The company first worked with The Joshua Tree hitmakers in Toronto in 1980 and have been organising their live events since 1997.

Bono said: “We’ve been dating for well over 20 years now. It’s about time we tied the knot.

“We feel we have a great website but we want to make it a lot better. We want a closer, more direct relationship between the band and its audience and Live Nation has pledged to help us with that.”

Live Nation’s chairman Michael Cohl added: “U2 has created some of the greatest rock musi of all time. It has long been our intention to consolidate and extend our relationship.”

U2 – whose last tour was in 2006 – will hit the road towards the middle of next year.