Banking group BBVA has struck a deal to extend its title sponsorship of the Spanish Liga, the top division of football in the country.
The Spanish Football League (LFP), which operates the top division, said on Tuesday that BBVA would pay €23.5m ($30.6m) per year for three seasons, from 2013-14 to 2015-16.
The agreement also includes an option to prolong the arrangement by a further two seasons, until the end of the 2017-18 campaign.
BBVA has been the title sponsor of the top division since 2008. BBVA president Francisco González and LFP president Javier Tebas were joined by Real Madrid goalkeeper Iker Casillas and Barcelona midfielder Andrés Iniesta at the announcement of the new deal in New York.
“We want to carry on supporting the league to bolster its profile in the United States, South America and Asia,” González said. “Our journey alongside the LFP has overcome some of the worst moments of the economic crisis thanks to the strength of BBVA’s position, and now we have come through the crisis without any need for [financial] support, generating profits and maintaining dividends. Many sports have lost their sponsors, but not the Liga BBVA.”