Manchester United, an English Premier League football club, has signed a sponsorship agreement with Turkey’s national carrier, the club has said.

Turkish Airlines, or THY, replaces Air Asia as the team's official carrier, according to the three-and-a-half-year contract, BBC reported.

Manchester United said it was a multi-million pound deal without releasing the financial details.

It comes a day after accounts showed that the club's debts had risen to 716 million pounds, BBC said, adding that it is also proposing to raise 500 million pounds in a bond issue.

“The accounts of its parent group Red Football Joint Venture also showed that its sponsorship income had grown 48 percent over the past year, not including the 80 million-pound shirt deal with American finance group Aon that takes effect next season.”

THY also signed a deal with Barcelona football club to sponsor the Champions League titleholders for three years, the carrier said Jan. 18.

THY, which carried 25.1 million passengers last year, employs more than 12,000 people and is a member of the Star Alliance group of airlines.