Santander Bank will continue to sponsor McLaren until the end of the 2020 season, having already been with the Formula 1 team since 2007.
The new deal comes at a most opportune time for the Formula 1 team and few are more pleased with the outcome than McLaren Marketing director Ekrem Sami.
"Our renewed partnership demonstrates a well-founded belief in the team's ability to successfully activate brands around a shared, common vision for the future," Sami told Motorsport.com.
"I look forward to developing the relationship and hope to see it continue to go from strength to strength for both brands," added the McLaren director.
It has been reported that a major contributing factor in this new deal was the desire to make the most of the sponsorship opportunity that Jenson Button presented.
"I'm really pleased to continue working with Santander, as is everyone at McLaren-Honda. We've enjoyed a great partnership to date and I look forward to that continuing," said Button.
"While first and foremost I'm a racing driver, I'm also a passionate cyclist, and so I'm looking forward to doing more with Santander Cycles and helping encourage more people to get involved," added the former World Champion.