The Scottish Premiership has announced a major sponsorship deal that will see the league boost its prize money by 30%.

As part of the new agreement, the league's title sponsor will be revealed in the coming weeks. The announcement comes after months of speculation about which company would take over as the league's main sponsor.

The move is expected to have a positive impact on the game, with increased funding for clubs and players. It also marks a significant step forward for the Scottish Premier League, which has been struggling financially in recent years.

The prize money increase will come into effect from the start of the 2019-20 season, with each team receiving an additional £50,000 per match played in the top flight.

"This is great news for our fans, players and clubs," said Scottish Football Association chief executive Stewart Regan. "It shows that we are committed to supporting the sport at all levels and helping to ensure that the Scottish Premier League remains one of the most competitive leagues in Europe."

The new deal also includes plans for a new broadcasting rights package, which is set to be announced later this year.

"We're delighted to announce this new partnership and look forward to working closely with our new title sponsor to create even more exciting opportunities for football fans across Scotland," added Regan.

Overall, the Scottish Premiership's decision to boost its prize money by 30% is a major step forward for the league and its clubs. With the added funds, teams can invest in player development and training facilities, while players can enjoy better salaries and benefits. This is good news for both fans and players alike, who will benefit from the increased investment in the sport.