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 extra money from television this year, so it has been forced to cut its asking price for any company willing to put their name to the tournament.

Lloyds TSB paid some £30m over five years to become the tournament's first sponsors but pulled out at the end of last season because they felt they did not receive sufficient 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 £70m over three years.

The protracted bargaining meant that the search for new sponsors was late in starting and there were fears that there would be no backer at all this season. As a result the committee were 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 identity of the sponsor is that it is a multi-national but not a global company.

Lloyds TSB were so unhappy at 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 failed to bring about the desired result.