The deal will succeed Sky's current exclusive four-year contract, which cost it a mere £95m in 2002 in the wake of the debacle of ITV Digital's closure one year into its £315m, three-year deal with the league. The league lost a court case to recover £178.5m owed by ITV Digital for the remaining two years.
Sky will show 70 matches a season from the league, up from 60 last season. The total includes 55 matches from the Coca-Cola Championship, the rung below the Premiership.
It will also show the end-of-season promotion play-offs and up to 15 live ties from the Carling Cup competition, including the final, as well as the LDV Vans Trophy final.
ITV will continue its Sunday morning highlights programme, 'The Championship', as well as its regular match and Carling Cup highlights.
Sky will now seek a sponsor for its coverage. Last season, coverage was sponsored initially by SkyBet before Coca-Cola signed midway through.
Football League chairman Sir Brian Mawhinney said: "Sky Sports are a class act and this new agreement is recognition of the outstanding entertainment our clubs provide their viewers."
Vic Wakeling, managing director of Sky Sports, said: "In Sky's comparatively brief history, we have covered every one of the 72 Football League clubs live, home or away, in cup or league."
League clubs saw match attendance grow to its highest point for 45 years in the 2004/2005 season. Sky's spokesman could not say by how much viewing figures have grown because he did not have a breakdown for Football League programming.
Wakeling's deputy Trevor East was today reported to have been offered the chance to join Setanta Sports, which could mount a rival bid for the rights to Premier League football from the start of the 2007 season. Wakeling has already signed to stay on at Sky Sports until 2008.
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