Sir Richard Branson's Virgin Group was today unveiled as the new sponsor of the London Marathon.

The company, one of Britain's most recognisable brands, has paid £17million for a five-year deal, starting with the 30th anniversary race in 2010.

It ends a 14-year tie-in with present title sponsors Flora and signals a move by race organisers into international markets using Virgin's global reach.

Future races will be called "The Virgin London Marathon" with the company's red-and-white logo featuring along the route and on competitors' race numbers.

Announcing the deal, the entrepreneur hailed the "epic and inspirational event" and set a target to encourage runners to raise £250m over the next five years.

Sir Richard said: "I'm delighted that Virgin will be sponsoring the London Marathon. It's an epic and inspirational event and raises a fantastic amount of money for great causes. It's the single biggest fundraising day on the planet and we want to make it even bigger."

The London-based company employs 35,000 staff and has revenues of around £5bn across business including airlines, trains and financial services. Within the group, Virgin Money will hold the marathon marketing rights and be given special responsibility for fundraising through its website.

Race director David Bedford: "I cannot think of a better and more appropriate sponsor than Virgin. This is as good as it gets and without doubt it will significantly increase our ability to talk internationally."