Spanish electric utility company Endesa has reached an agreement in principle to extend its title sponsorship of Liga ACB, the top division of Spanish basketball, according to multiple reports.
Spanish newspaper El Pais said a new four-season deal, covering the 2017-18 to 2020-21 campaigns, will be worth between €17m ($18.5m) and €19m.
“The intention of Endesa has always been to continue with the ACB and we have demonstrated it,” Alberto Fernández, general director of communication at Endesa, said. “In spite of the existing conflicts we continue betting on the Spanish league of basketball. We are convinced that everything is going to be solved and we do not conceive a competition without the four Euroleague teams.”
In July 2014, Endesa agreed a two-year extension to its title sponsorship of the Liga ACB running through to the end of the 2016-17 season. Endesa first partnered with Liga ACB in 2011 but the relationship was thrown into turmoil in November when league president Francisco Roca announced the sale of the rights to Movistar, owner of the television rights of the competition since October 2015.
Endesa claimed the announcement breached the terms of a renewal agreement. A negotiation commission was since formed consisting of Liga ACB clubs Barcelona, Joventut and Baskonia, along with Valencia and Fuenlabrada.
Spanish newspaper AS said these negotiations have proved successful, adding that a formal agreement could be announced at the Liga ACB’s assembly meeting on Tuesday.
Real Madrid is the reigning Liga ACB champion.