1:37pm UK, Friday May 16, 2008

Sir Richard Branson's Virgin Money has signed a £17m five-year deal to become the next official sponsor of the London Marathon.

They're off!

Virgin Money, the group's financial services division, will take over from the current sponsor, Flora, from 2010.

The London Marathon, which started in 1981, is the world's biggest annual fundraising event.

Last year runners made a record £46.5m for good causes.

Sir Richard said: "I'm delighted that Virgin will be sponsoring the London Marathon.

"It's an epic and inspirational event and raises a fantastic amount of money for great causes.

"We want to make it even bigger. Our aim is to help runners smash a quarter of a billion pounds in five years."

Race director David Bedford said: "I am delighted the event has developed to a level where such a high

quality company has agreed to be our new sponsor."

The 2009 race has already received over 110,000 UK applications for the public ballot.