Albert Lee Appliance agreed Tuesday to extend its deal with Seafair.

Albert Lee Appliance has agreed to serve as the title sponsor of the Seafair unlimited hydroplane race through 2015, a key step in ensuring the stability of the event for the next few years.

The announcement was made at a news conference Tuesday promoting Sunday’s race on Lake Washington.

Albert Lee Appliance agreed to a three-year deal in 2010 to serve as the title sponsor. Seafair president Beth Knox and Albert Lee III each said that recent negotiations concluded with the company agreeing to another three-year deal to take it through 2015.

Lee called it “a good fit for both,” while Knox said the agreement “helps the sustainability for Seafair and it gives that long-standing partnership and investment into the community that is so crucial for us to continue forward in a positive way.”

The race will be televised live on KIRO-TV, which has an agreement to air the race through 2013. Knox said she is already in negotiations to extend that contract. Boeing also remains a key sponsor, and Knox said conversations to extend that deal are also ongoing.

Bob Condotta: 206-515-5699 or bcondotta@seattletimes.com.

On Twitter @bcondotta