A sponsor- as yet unnamed - has been lined up to take over from Lloyds TSB as the backer of the Six Nations Championship.

But just as the jewel in European rugby's crown was unable to extract any more money out of television earlier this year, so it has been forced to cut its asking price for companies to put their name to the tournament.

Lloyds TSB paid around £30 million over five years to become the first sponsors of the tournament, but pulled out at the end of last season because they felt they did not receive enough media exposure for their money.

They have since given their backing to the Welsh national leagues.

The Six Nations committee concluded negotiations with the BBC only two months ago for a new television contract, but failed to get an increase on the old deal of around £70 million over three years.

The protracted bargaining meant that the search for new sponsors was late in starting and there were fears that the competition would not have a backer this season. As a result, the committee was forced to drop their asking price.

John Feehan, the commercial director of the Six Nations, confirmed last night that he had finalised a deal with a sponsor. "It is a deal that I am happy with and I hope to put it before the committee by the end of the week," he said.

The only information he would give on the new sponsor is that they are a multi-national, but not a global company.

Lloyds TSB were so unhappy with their lack of exposure that they sent fleeces to members of the media urging them to include the company's name in their references to the championship, a ploy that did not bring the desired results.