PSL chairman Irvin Khoza together with group executive of marketing and corporate affairs at Absa Bobby Malabie announced the new deal during an Absa Premiership launch in Randburg on Monday night.
“The last 10 years of this partnership have demonstrated that for a relationship to enjoy longevity, both sides must have common goals that glue them together,” said Khoza.
“As we renew for a further five years, we would like to thank Absa for their trust and confidence in the PSL as the best vehicle for their message to millions of people.
“As we continue with the sponsorship, we do know that for this partnership to remain impactful, it cannot be business as usual; we have to continuously innovate to remain relevant. We are therefore excited about some of the innovations coming up in the 2017/18 season including the Absa Premiership Rivalry weekends.”
The 2017/18 season will get under way on Friday, with the fixture between defending league champions Bidvest Wits and Cape Town City at the Bidvest Stadium.