The Football Association has unveiled Barclays as the first sponsor of the newly professional Women’s Super League in what has been described as a groundbreaking multimillion-pound deal. The Guardian understands it is worth more than £10m over the next three seasons.

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According to the analytics firm Nielsen, the sponsorship is a record for women’s sport in the UK. First the first time there will be prize money in WSL, with £500,000 divided according to league position each season.

A title sponsor was said by the FA’s director of the professional women’s game, Kelly Simmons, to be a top priority when she took the role in September.

“We are delighted to announce our landmark partnership with Barclays and are looking forward to them joining us on a journey to transform the future of women’s football,” Simmons said. “Their record, multimillion-pound commitment will impact all levels of the game and will support our ambition to make the Barclays FA Women’s Super League the world’s most successful league, on and off the pitch.”

She added that it would help to move the league and clubs closer to sustainability: “It’s a really really important step, because it’s not only about the revenue they are investing but it’s about the investment in helping to market the game too.

“Ultimately it’s only going to be sustainable if we can get more people aware of the WSL, through the turnstiles and more watching on TV. That is as important, almost more important in some ways, than the cash because that will help clubs long term to attract their own sponsorship deals and get better matchday sales as well as help us with our TV deals which is where most of the men’s money comes from.”

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There was interest from other brands but it was felt Barclays was the right fit. “When I came in I was determined to make sure the WSL was the first to break through what I call ‘regular’ coverage and profile,” Simmons said. “At the big profile events – the World Cup, Euros, Olympics – everyone is talking about women’s sport and then it just disappears again. There hasn’t been a sport that’s been able to break through that link to the domestic level in terms of fan base and profile.

“I really genuinely think the WSL can do that because we are a massive football nation, we’ve got fantastic clubs involved and we’re really investing and supporting in the game.”

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Barclays was the title sponsor of the Premier League from 2004 to 2016 and retains ties with the top tier of men’s football. The partnership with the FA goes beyond backing the top tier, with the bank also committed to supporting the development of the game at grassroots level.

It completes title sponsorship for domestic competitions in England, with the energy company SSE’s collaboration with the FA Cup and Continental Tyre’s name on the League Cup – both long-standing agreements.

The deal follows two week’s of big announcements in the women’s game, including Adidas revealing that all of its athletes on the winning Women’s World Cup team will receive the same performance bonuses as their male peers, Nike’s unveiling as the official match ball supplier of Uefa women’s competitions, a Lucozade partnership with the Lionesses and Gatorade with Manchester City women and the first separately designed international kits for teams participating in this summer’s Women’s World Cup in France.

Jes Staley, group CEO of Barclays, said its sponsorship would “help thousands more girls in England to take up sport” and have an impact at elite level. “What sport does in terms of building confidence and character in people is great,” he said. “You’re making a big social contribution in addition to the joy of watching athletics.”