Premier League Announces New £82.25 Million Deal

The English Premier League have agreed a new three-year sponsorship deal with Barclays, to the tune of £82.25 million.

A lower offer had initially been rejected; however, the new deal means the bank's sponsorship will run until the end of the 2012/13 season.

The new deal improves upon the current £65.8m agreement.

"We are extremely pleased that our long established partnership with Barclays will continue," said Premier League chief executive Richard Scudamore.

"The Premier League's strength is that it is an essentially English competition that has gained a huge international following.

"This clearly resonates with Barclays' own business development and aspirations.

"Barclays' commitment is critical to helping us continue to put on a top quality football competition that is watched and enjoyed by football fans at home as well as across the world."

Barclays were one of the few major banks not to be bailed out by the British government last year.