The AFL industry will reap a major financial windfall after striking a colossal new six-year, $2.508 billion broadcast rights agreement.

The new deal will see Channel Seven, Foxtel and Telstra continue as the League's broadcasters under the new deal, which will run from 2017 to 2022.

The current deal expires at the end of the 2016 season.  

The existing deal was effectively worth $250 million a year; the new deal is 67 per cent bigger at $418 million a year.

AFL Commission chairman Mike Fitzpatrick and CEO Gillon McLachlan were on hand to announce the deal, and they were joined by News Corp executive chairman Rupert Murdoch, Seven West Media chairman Kerry Stokes and Telstra CEO Andy Penn, among others. 

Gillon McLachlan outlines details of agreement in full statement

McLachlan said the historic deal delivered for clubs, players, supporters and the community.

He said the deal would provide financial security for clubs and players to "allow future growth and certainty".

McLachlan said the deal would see resources directed towards the foundations of the game, while growing into new communities to "create new generations of supporters, members, players and volunteers".

Fremantle CEO Steve Rosich said the long-term deal was a significant one for the industry.
 
“We congratulate the AFL for negotiating this outcome on behalf of the industry and its clubs,” Rosich said.
 
“We look forward to working with the AFL to firm up arrangements for the free-to-air and pay-tv coverage of Fremantle games and to also gain an understanding of how much of the revenue growth will be ultimately shared by the clubs.”