Celtic and Rangers, the two dominant clubs in Scottish soccer, will receive more than US$14 million between them after agreeing a three-year deal with Scottish brewer Tennent's Lager.

The deal, which was first rumoured to be close to completion in January, sees Tennent's replace Carling on the Celtic and Rangers shirts, and will be worth some US$2.4 million to each of the clubs each season for the next three years.

The sponsorship, which follows a long trend of companies backing both Glasgow clubs, comes at a vital time, particularly for Rangers. Scottish soccer has been hit hard in recent years by a number of financial blows, most notably the collapse of the British arm of Irish broadcaster Setanta.

The subsequent deal with ESPN and Sky, which Celtic and Rangers opposed, has left a situation where the SPL champions earn less than the club that finishes bottom of the English Premier League. Celtic and Rangers are both keen to make the move south of the border, but the English clubs voted against their admittance in November.

"Celtic Football Club is delighted to enter into this new partnership with Tennent's, a brand which has become synonymous with football," said the club's chief executive, Peter Lawell. "In very challenging times for Scottish Football, it is fantastic that Tennent's has maintained its high level of commitment to the game in Scotland, something they should be applauded for. 

"This sponsorship provides important revenue for Celtic over the next three years, which will contribute to our continued investment in the football squad. We are sure this partnership with Tennent’s will be most beneficial."

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Rangers chief executive Martin Bain added: "Rangers Football Club is delighted to confirm Tennent's Lager as the official club and shirt sponsor from season 2010/11. The Tennent's brand has been synonymous with Scottish football for decades and we are pleased they have chosen to take their sponsorship to a new level by investing in the Old Firm."