Football’s Spanish La Liga have retained league title sponsor, Banco Santander, until the end of the 2022/23 season, with the option to add another year.

Financial terms of the deal have not been released, but Spanish sports business website, 2Playbook, reports the agreement to be approximately worth €20 million (AUD$31 million) a year.

The news comes after the banking group declined to extend its sponsorship with elite European football competition, the UEFA Champions League beyond the current season.

La Liga president, Javier Tebas, said this deal is crucial for the league and for football in Spain.

“This agreement is fundamental for us,” Tebas said.

“At this time, being able to continue counting on our main sponsor, Banco Santander, is the affirmation that we are on the right path.

“Banco Santander is a leading company in its sector that has decided to choose La Liga as its main partner in the wide world of sports, which is a source of infinite pride to us,” he said.

In addition to the main La Liga competition, the agreement with Banco Santander also covers the Spanish Esports competition, the La Liga Genuine Santander, which is a professional league for players with intellectual disabilities, as well as the La Liga Promises, the premier competition for under 12s.

La Liga and Banco Santander signed their first partnership in 2016.