Steven Spielberg will continue to consult Universal Orlando for at least another seven years.

Universal Orlando, which is owned by NBC Universal and the Blackstone Group, announced that the film director agreed to delay his option to order a buyout of his existing consulting agreement – which he could have done from 2010 – until 2017, a decision that will save Universal Orlando hundreds of millions of dollars.

As previously reported in Leisure Opportunities, Spielberg has a deal with Universal’s Orlando and Japan sites whereby he consults with them on attractions based on his films, and receives fees amounting to US$34m a year.

A clause in the original contract allowed him to demand a huge lump sum based on future earnings come 2010, which would have crippled the park’s attempts to restructure US$1bn of debt next April.

According to The New York Times, Spielberg will receive “extra considerations tied to planned Universal parks in Singapore, Dubai and two other locations”.