Scottish Premier League (SPL) has announced the launch of a new sponsorship deal with a leading global brand that will boost season prize money to $15 million. The agreement will see the brand as part of a wider partnership between the league and the club, providing additional financial support for the team.

The deal was signed by the SPL chairman, Ian Black, and the brand's CEO, Peter Jackson, at a press conference in London on Tuesday. The agreement is expected to be a significant step forward for the Scottish Premier League, which currently earns just £27 million per season from its TV rights and other commercial partners.

The new sponsorship deal comes after the SPL saw its television rights income fall by over half since the start of the current season. The brand, which operates across Europe, has been one of the league's key sponsors, with some notable contracts including a five-year contract with Arsenal and a two-year deal with Manchester United.

Ian Black said: "We are thrilled to have reached this agreement with a global brand that is well respected and has a strong track record of delivering value to our clubs. It will be exciting to see how this partnership will benefit both the club and the brand."

Peter Jackson added: "This is a fantastic opportunity for us to expand our reach beyond the traditional TV market and we look forward to working closely with the SPL and its teams to make it a success."

The new sponsorship deal will provide the SPL with an additional source of revenue, helping to fund the team's ongoing development and ensure that the club remains competitive in the international football landscape. It also reflects the growing importance of sports sponsorship in modern-day football, with many clubs turning to brands such as Nike or Coca-Cola as their primary marketing partners.

In conclusion, the Scottish Premier League has announced the launch of a new sponsorship deal with a leading global brand that will boost season prize money to $15 million. This partnership represents a significant step forward for the league and will help to fund the team's ongoing development and ensure that the club remains competitive in the international football landscape.