Basque telco Euskaltel has become the new main sponsor of Real Sociedad after the club opted to terminate its contract with Chinese mobile and internet technology company Qbao.com, reports SportBusiness.

Qbao is under major scrutiny in its home country and is facing severe financial difficulties. It has served as Real's main shirt sponsor since the 2014-15 season, with this contract reportedly due to run through 2020.

However, in a statement Real said: "Given the circumstances that emerged this last month around the situation of Qbao.com, it will not be able to meet the obligations contemplated in the sponsorship contract. Consequently, Real Sociedad has decided to terminate the contractual relationship and therefore the sponsorship agreement is extinguished."

The telco will take on the role of the main sponsor of the first team until the end of the current 2017-18 season, after which Real will seek a new partner.

The agreement is part of a wider three-year renewal of the contract between the two parties through which Euskaltel will serve as the main sponsor of Real's women's team through to 2021. Euskaltel currently serves as the technological partner of the club.