Chelsea Football Club has defied the gloom surrounding sports sponsorship by signing a multimillion-pound deal with Thomas Cook, the travel group.

The contract extends the original agreement signed in the summer of 2006 making Thomas Cook Chelsea's official travel partner.

Neither side would comment on the terms of the deal, but The Times has learnt that, while the previous deal was worth about £750,000 a year to Chelsea, the new contract will be worth £6 million to £7 million over four years.

Thomas Cook will continue as a platinum partner of Chelsea until 2012 and will continue to be responsible for all travel for the team and officials, as well as corporate and supporter travel, in Britain and overseas. This includes official travel packages to all of Chelsea's away matches in the Champions League and domestic competitions.

Thomas Cook will continue to run Match Breaks, a package for supporters that includes a minimum of one night's accommodation, match ticket and programme, stadium tour and entry to the club museum.

Manny Fontenla-Novoa, Thomas Cook's chief executive, said: “Re-signing with Chelsea takes our relationship to a whole new level. We've enjoyed a fantastic partnership with the club so far, and this announcement will ensure that we provide an unrivalled service to the club and its supporters for years to come.”

Peter Kenyon, Chelsea's chief executive, said: “I think this deal demonstrates a major vote of confidence from the business world in the strength of Chelsea as a sponsorship partner, as well as Premier League football in general, in what is a difficult economic climate.

“Extending our association with Thomas Cook, one of the most respected brands in travel, is a natural one for Chelsea. We're sure that this deal will lead to a more complete service for the club and its supporters.”

The Chelsea deal highlights the gulf in football finance between the Premier League's biggest clubs and the rest. While the West London club has been able to secure a lucrative partnership of this kind, a number of other Premier League sides have failed even to secure shirt sponsors, one of the most basic commercial relationships for a club.

West Bromwich Albion is still seeking a shirt sponsor to replace T-Mobile, whose contract expired last season, West Ham United needs a sponsor after the collapse of XL Leisure, its previous backer and Newcastle United will eventually require a new sponsor, to replace the nationalised Northern Rock. Manchester United has been approached by companies, said to include Saudi Telecom and LG, the South Korean consumer electronics group, to replace AIG when its £14 million-a-year deal with the humbled US insurer expires in 2010. Some AIG shareholders are urging the deal to be called off at once.

Other sports are also suffering from a drop-off in sponsorship. Royal Bank of Scotland is likely to cut back on spending now that it is 58.5 per cent owned by the Government.

However, while some leading companies are set to pare back spending, others are still splashing out. Last week LG signed a five-year deal, starting next season, making it a technology partner to Formula One motor racing, which will give it on-screen branding during Formula One broadcasts.

Cricket is also thriving, thanks in part to the boom in television and sponsorship money created by interest in the Twenty20 format. The winners of the County Championship next season will win £500,000, compared with £100,000 last season.

BSkyB, the satellite broadcaster, in which News Corporation, parent company of The Times, has a 39.1 per cent stake, recently signed a four-year television deal with the English and Welsh Cricket Board worth £300 million.

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