Spanish soccer’s top-flight LaLiga and banking giant Santander have announced they will end their title sponsorship agreement after the 2022-23 season.

The two parties stated that the decision to part ways was a “mutual agreement” and added that the move was taken “to explore new ways of collaboration, both together and with third parties.”

LaLiga said it will “announce new developments regarding the competition’s naming rights from the 2023-24 season onwards in the coming weeks.”

Santander has lent its name to the high-profile league since 2016-17, paying around €20 million (now $20.4 million) per year.

Since 2016, Spain’s top two divisions have been known as the LaLiga Santander and LaLiga SmartBank.

The bank signed a renewed two-year deal with LaLiga ahead of the 2021-22 season that included an option of a further year, until 2023-24, which it has now opted not to exercise.

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Despite the end of their title sponsorship agreement, Santander will retain a relationship with LaLiga.

The two organizations have worked together on several initiatives over the past six seasons, including a collaboration on the LaLiga Global Network, in which the league expanded its internationalization efforts with the creation of a network of delegates in 41 markets across the world.

As one of the world’s top domestic leagues and boasting stars from across the globe, LaLiga provided Santander with a high-profile platform to support its international business, and the sponsor has stepped up promotion of the partnership beyond Spain in the current cycle after agreeing a renewal last year.

The financial institution has been scaling back its sports partnerships and opted not to extend its sponsorship of Europe’s UEFA Champions League for the 2021-24 cycle.

However, Santander remains a sponsor of the Copa Libertadores, the top South American clubs competition, in a partnership that dates back over a decade, and last year added the Copa Libertadores Femenina, the women’s edition, to its portfolio.

Javier Tebas, LaLiga president, said: “We thank you for the trust you have placed in LaLiga over the years, and we are convinced that we will continue to collaborate on future projects with Banco Santander in order to grow and promote both brands.”

Antonio Simões, regional head of Europe and chief executive of Santander Spain, added: “We are delighted with our partnership with LaLiga over the years and are keen to explore further avenues of collaboration.”