The SPL announced today they have agreed "substantially improved terms" with the broadcasters in a deal which takes effect from the start of next season and runs until 2017.

Doncaster declined to discuss the figures involved, however Press Association Sport understands the new contract is worth £80million.

The SPL had previously secured a £13million annual commitment from the broadcasters when they signed the initial contract in 2009.

The news comes less than two weeks after the SPL revealed they had launched the search for a new title sponsor, with the Clydesdale Bank set to end their current sponsorship at the end of the 2012-13 campaign.

Doncaster said: "It's vital to have a robust broadcast partner announced before you start the search for a new title sponsor.

"The timing is not of our choosing but the reality is, with Clydesdale Bank having made their decision, this puts us in a really good position to go to the market.

"It's only been a couple of days. The search starts now. To start the search on the back of a robust new contract with Sky and ESPN is the best possible way to do that."

Doncaster believes the latest commitment from Sky and ESPN proves Scottish football is a product worth investing in even in a difficult economic climate.

He said: "It's nice to talk about some good news stories in Scottish football. It's not often the case that we are here to do that but today we are and that's great news.

"It's the financial stability that our clubs are crying out for.

"To have Sky and ESPN contracted for five years from 2012 gives our clubs the stability in a difficult economic climate and to plan for the future.

"It's a new five-year deal from 2012 to 2017. It's still the same 60 live games that ESPN and Sky show at present but it's improved terms. It's substantially improved terms financially.

"I can't give the precise details as to what the deal is worth but there will be more money coming into the SPL as a result of today's deal.

"It's greatly encouraging and I think it shows the real confidence that exists, that Sky and ESPN have in Scottish football.

"It's real testament to the work that our clubs are continuing to put in."

The SPL had employed consultants IMG Media to instigate a feasibility study into the launch of their own television channel but they have been encouraged by recent viewing figures, which have increased by 28% over the course of the current contract.

Doncaster said: "It's something that was discussed at length and clearly the learnings from Holland, where they have done something similar, were very much part of the consideration this time around.

"But, in the end, the stability and the certainty of having five years of increased financial returns from Sky and ESPN proved the decisive factor.

"At the moment, stability and certainty are everything in a climate where money is so tight, whether it be supporters, whether it be clubs, sponsorships.

"To be announcing a substantial increase in the money coming into Scottish football is great news."

Sky and ESPN stepped in when Setanta went out of business in the middle of their more lucrative rights deal.

And Jeroen Oerlemans, vice-president and channel manager at ESPN Europe, Africa and Middle East, believes offering stability to Scotland's 12 top-flight clubs is crucial.

He told Press Association Sport: "In general, it's never a bad thing when you have companies like Sky and ESPN. We are very well recognised, big brands, and stable companies.

"We are here for the long run."

He added: "We think that the SPL is a fantastic property for us. The game in Scotland is becoming increasingly popular and ratings have gone up significantly.

"We are pleased to extend our deal with the SPL and really happy to continue providing a product for our Scottish brothers and sisters.

"We're not going to say anything on the figures involved but it reflects positively on the increased value of the game.

"Everyone was very pleased with what was on the table."