The new nine-year agreement will see the Westfalenstadion continue to be officially known as Signal Iduna Park until June 30, 2031.

Signal Iduna has been a sponsor of Dortmund since 1974 and has held naming rights to the club’s stadium since 2005. Financial terms of the new deal were not disclosed but German newspaper Bild reports that the agreement will be worth €100m (£83.7m/$112.3m) in total.

Dortmund chief executive Hans-Joachim Watzke said: “Signal Iduna is not only the largest private employer in Dortmund, but also a very reliable partner for us that stands by BVB in good times and bad.

“When our club feared for its existence at the beginning of the millennium, Signal Iduna was one of the first companies to unconditionally side with us and thus helped to ensure BVB’s survival. We won’t forget that.”

Ulrich Leitermann, chief executive of Signal Iduna, added: “We grew up together in Dortmund, celebrated successes together and also got through difficult times. Our partnership with BVB underscores our claim, which we also have for our customer relationships: We want to be a long-term and reliable partner. We are there for each other.

“That’s why we’re proud to be able to continue on our common path for at least another nine years. We are looking forward to exciting games at Signal Iduna Park and wish the team and all fans successful times in the most beautiful stadium in the world.”

Signal Iduna Park has a capacity of around 81,000, making it the second largest club stadium in European football after Barcelona’s Camp Nou. The stadium was used as a COVID-19 Vaccine Centre last summer, offering jabs for up to 700 people per day.