Barclays have sponsored the Premier League since 2004

The Premier League and Barclays have agreed a new three-year sponsorship deal worth £82.25m.

The new deal will take the bank's sponsorship of the English top-flight up to the end of the 2012/13 season.

League chiefs had initially rejected a lower offer from the bank, who have backed the Premier League since 2004.

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

The value of the new deal represents a 25% increase on the current £65.8m agreement.

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This is a reflection of the ongoing strength of the Premier League in a sponsorship market place that has suffered as a result of the economic downturn.

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

The Premier League was formed in 1992 and has had a sponsor since 1993.

From 2001 until 2004, Barclaycard was the official sponsor and before that it was the Carling lager brand.

Barclays were one of the few major banks not to be bailed out by the British government last year and in afternoon trading on the London Stock Exchange on Friday their share price was up 1.2% at 363.3p.

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