The decision to hold the launch of the Pro12 in a country not involved in the tournament may have seemed perverse but the day-long event at the London headquarters of the tournament sponsor, Guinness, had less to do with tempting reporters based in the English capital than making a statement of intent.

The Pro12, which started life as the Celtic league before embracing Italy, has been an umbra contrasting with the light emitted by the Aviva Premiership, but a new title sponsor, a television deal with Sky and a competitive qualifying process for the European Champions Cup have given a league that provided the 2013 Lions with the bulk of their Test side an overt sense of self-worth.

“The Pro12 is right up there with the Premiership and the Top 14,” said the Edinburgh head coach, Alan Solomons, who had a stint with Northampton in the 2000s. “Teams are going to be battling intently for a place in the top six and it will make for an extremely competitive league. It is going to be a tough title to win.”

The Welsh and Scottish have seen a number of players leave in recent years for clubs in England and France, but the New Zealand cap centurion Mils Muliaina and the Australia second-row Kane Douglas will be playing for Irish provinces this season and the Lions fly-half Jonathan Sexton will next year rejoin Leinster from Racing Métro.

“The Pro12 is now in a position to rival the Premiership,” said the Scarlets captain and Wales hooker, Ken Owens. “Having Sky on board will give us a platform in England and the opportunity to show people there what a great league it is, the home of so many Test Lions and the recent European Cup winners from the British Isles.”

The Welsh Rugby Union and its four regions hope to renew their participation agreement, which lapsed at the end of June, by the end of the week, but neither side is prepared to predict it will definitely happen after more than two years of rancour. Trust is absent and every clause is being closely read.

“Players have no influence on what happens in the boardroom but it would be good if we could get players back to Wales,” said the Ospreys and Lions captain, Alun Wyn Jones. “We have heard that a deal is close for the last two years and what we need is no short-term fix but a long-term solution.”

Ospreys have in recent seasons been the leading Welsh region in the Pro12 and Europe but they lost four Lions Test forwards during the summer and have a core of inexperience reinforced by Jones, Dan Biggar and Justin Tipuric. The Scarlets and Cardiff Blues, both coached by New Zealanders, look more likely contenders for the top six.

Munster, Ulster, Glasgow and Leinster, the champions, have the strongest squads, with depth a problem for the other eight. Even if the agreement in Wales is signed this week, it will be some time before the regions will be able to raise their £3.5m salary cap and compete financially with the best in England, France and Ireland, as the Scarlets head coach, Wayne Pivac, acknowledged.

Ireland’s provinces have considerably greater resources. “Being able to get back someone of Jonathan Sexton’s quality says a lot about our league,” said the Leinster head coach, Matt Connor. “We are able to attract players from the Premiership and the Top 14 and our league is getting stronger and stronger.”