La Liga announces Banco Santander sponsorship deal

La Liga announced a new sponsorship deal with Banco Santander on Thursday.

The deal with the Spanish bank is for three years, with the option of an additional fourth year, the league says.

Financial details were not included in the statement by La Liga, which will officially be called La Liga Santander.

Bloomberg reported the deal is worth about €20 million a year.

BBVA had previously held the league's naming rights since 2008, but decided not to renew its deal in May.

The deal also includes the Spanish second division.