According to Coors marketing director Simon Davies, Carling has become the fastest-growing lager in Scotland since its sponsorship of the two Glasgow clubs began in spring 2003. It initially signed a three-year deal, replacing NTL.
"During the Old Firm sponsorship, Carling has continued to build its positive image among 18-24-year-old Scottish men as a 'winning' and 'uniting' brand that is 'on the way up'," Davies said.
Celtic chief executive Peter Lawwell said: "This is the biggest shirt sponsorship deal in Scottish football history and, together with our Nike kit sponsorship, gives the club much certainty over the next five years."
Rangers chief executive Martin Bain added: "I believe this new deal is testimony to the success we have enjoyed together over the last two seasons.
"The range and term of the agreement speaks volumes about the ability of the Old Firm clubs to deliver significant return on investment to partners, as well as the scale and unrivalled passion and commitment of our supporters."
Carling, owned by US brewer Molson Coors, will see its three-year English Football League Cup sponsorship expire at the end of the coming football season.
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