The Yamaha MotoGP team has announced a five-year title sponsorship agreement with Telefonica, which will see the team renamed Movistar Yamaha MotoGP.

A new livery, featuring Movistar's colours, will be unveiled later this month ahead of the opening Grand Prix of the new season in Qatar.

The agreement is one of the largest MotoGP sponsorship agreements of recent times, although no financial details were immediately available.

"This is a big day for the sport," said Lin Jarvis, the managing director of Yamaha Motor Racing.

Telefonica to create MotoGP platform in key Spanish market"We are delighted to be able to welcome the Movistar brand back into the world of MotoGP in such spectacular fashion. Dedicated fans of motorcycle racing will know that Movistar has a strong history in the sport, and in the past they supported many talented young riders who later evolved to be the top stars in the MotoGP class. We are therefore honoured that they chose Yamaha as their partner to re-enter motorcycle racing.

Dante Cacciatore, director of communication and customer experience at Telefonica, added: "To speak of Yamaha is to speak of motorcycling, and not only that. It is to speak of the essence of teamwork at its best and the passion of proudly waving a flag of true racing heritage in front of a passionate crowd who support on each turn and on each straight. These values are identical to those we share at Movistar."

Yamaha will field former world champions Jorge Lorenzo and Valentino Rossi this season, one of the strongest rider line-ups on the MotoGP grid.

Telefonica withdrew from MotoGP sponsorship in 2006, but will return not only as Yamaha's title partner but as the broadcaster of the championship in Spain this year. In February, series organisers Dorna confirmed that Movistar TV will broadcast the entire championship, effectively creating a new MotoGP channel in the country.