It is believed that the sponsorship deal will be worth in the region of £48million per season and will help keep Barcelona on a commercial par with the likes of Manchester United.
Furthermore, the Barcelona’s decision to renew with shirt sponsorship means that the Catalans will pocket a sum of £22m – renewal bonus pushing the agreement’s total value up to £213m.
Barcelona president, Josep Bartomeu set the wheels in motion before the presidential elections in the summer.
Bartomeu has been re-elected and will now expect a vote of consent regarding the deal, from the club’s board members, before the end of this month.